By Min Thit (MNA)
WITH Myanmar’s opening up over the past four years, the sharp increase in foreign investment – including a number of special economic zones – has created hundreds of thousands of jobs for Myanmar citizens.
U Aung Naing Oo, Director General of the Directorate of Investment and Company Administration (DICA) said he is upbeat about a continued increase in foreign investment over the coming years, which will be boosted significantly in the likelihood that the United States lifts all remaining economic sanctions when the National League for Democracy assumes power in March following free and fair elections on November 8.
He estimates that 300,000 new jobs have been created since Myanmar’s political and economic reform process began in 2011.
The director general added that revising investment laws and the outdated Companies Act will attract more foreign investment, with SEZs launching major operations that will further spur employment growth in Myanmar.
A large number of potential foreign investors have been hedging their bets about Myanmar’s reform process and are likely to wait until a smooth transfer of power takes place before committing FDI into Myanmar, he said.
He hinted at the granting of tax exemptions and easing certain restrictions on registration procedures currently in place.
Singapore tops the table of foreign investors in Myanmar, while other major investors include South Korea and Hong Kong. The country’s telecoms, oil and gas and electricity and industry sectors have garnered the most FDI to date.