The government has approved a bill on the Myanmar Investment Law, which is aimed at promoting foreign investment, state media reported on 6 September.
The bill, which has been approved by both parliaments, is expected to take effect in the near future, according to a Myanmar Investment Commission-MIC’s announcement.
The new investment law, which combines the Foreign Investment Law drafted in 2012 and Citizens’ Investment Law drafted in 2013, includes tax breaks which are different from those stipulated under the former government.
The MIC has permitted a total of 38 foreign investment projects worth US$383.877 million in five months since the new government took office in April.From late 1988 to August this year, total foreign investments in Myanmar amounted to over US$64.4 billion, according to MIC.