ZCZC
BCN-22
MYANMAR-INVESTMENT-FAIR
Myanmar to hold investment fairs to spur development
YANGON, Oct. 8, 2018 (BSS/Xinhua) – Myanmar is making preparations to hold
a business forum in Mandalay, the country’s second largest city in the north,
on Nov. 9, aiming to promote trade and investment for the development of
Mandalay region, according to the Directorate of Investment and Company
Administration (DICA) Monday.
Such forum is partly aimed at driving development more evenly among all
states and regions.
The forum will showcase business opportunities in the region, familiarize
new business law and regulations and the investment environment of Mandalay
region and widen network between foreign investors and local business
community, said the organizer.
High level speakers, officials from the government side and the leading
personnel from the private sector will speak on the occasion, the organizer
added.
During the event, a site tour to some industrial zone, new Mandalay resort
city project and national park as well as some potential investment areas
will be arranged by the Myanmar Investment Committee and regional
authorities.
With a population of 1.2 million, Mandalay, which is a trading hub and
logistic hub in northern Myanmar, has set its sight on further
industrialization and enhancement of its economic condition .
According to Mandalay Region Investment Committee, the regional government
has granted five foreign direct investment (FDI) projects worth 13.633
million U.S. dollars from August 2017 to June 2018.
Myanmar government formed the Mandalay Region Investment Committee in July
2017, entrusting power to the regional authorities to approve FDI sought in
the region which does not exceed an initial investment of 5 million U.S.
dollars.
Meanwhile, Myanmar recently reformed its investment commission and
enforced a new companies law which took effect on Aug. 1, aiming to attract
foreign investment, to allow companies to benefit from the new Myanmar
Companies Law which has abolished the mandated system of submitting an
authorized capital as well as the requirement of an article of association
and a memorandum of association previously prescribed. Meanwhile, organized
by the Union of Myanmar Federation of Chambers of Commerce and Industry
(UMFCCI), Myanmar is also planning to hold an investment summit in the
capital of Nay Pyi Taw on Jan. 8-9, 2019, aiming to develop domestic economy,
to promote local and foreign investment in the country’s regions and states
as well as to encourage public-private partnership in the country.
Investors from countries including the United States, Britain, China,
India, Japan, South Korea, Australia, Singapore and Thailand will also be
invited to the event.
The authorities are striving to seek investments from both home and abroad
as well as employment in the country’s major sectors, manufacturing, garment,
electricity and energy, foodstuff, tourism, education, healthcare and land
through the summit.
BSS/XINHUA/HR/1300