Myanmar Recent Foreign Investment Policy. Dr. Marlar Myo Nyunt Deputy Director Directorate of Investment and Company Administration

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1 Myanmar Recent Foreign Investment Policy Dr. Marlar Myo Nyunt Deputy Director Directorate of Investment and Company Administration

2 Myanmar in Brief Abundance of precious gem stone. Ruby accounts for 90% of world supply and the largest jade resource country in the world. 10 th largest resources of natural gas in the world Has gold deposit across the country Copper is the largest export of mining product Expansive forest which covers half of total area of the country Fertile land for agriculture which amounts 19.3 million hectares arable land and out of these, over 6 million hectares have not yet been exploited Others mining product such as silver, lead, tin, tungsten and antimony deposit are widespread in the country Fishery resources currently being used is less than 60% of sustainable yield

3 Myanmar in Brief Over 60 million population with working age of million, 62.25% of total population Over 91% of population is literate Much of Myanmar s intellectual speaks English Relatively low wage

4 Myanmar s Priorities Rural Development and Poverty Reduction Agriculture development and industrialization Energy sector development Telecommunication development Microfinance for rural people and SMEs Education and health sector development HRD

5 Reforms First Phase Second Phase Third Phase Vision Focused on politic -National Reconsolidation - Peace and Stability - Freedom of Media Focusing on Development - Invite more FDI Economic - Change of Trade Policy -Monetary & Finance Policy -Conduct National Workshops in various economic sectors Focusing on Administrative Measures - Good Governance - Clean Government - Efficient Administration To be a modernized, developed industrialize nation More reforms

6 Investment Laws The Union of Myanmar Foreign Investment Law (FIL) was enacted on 30 November 1988 and the parliament has approved a new foreign investment law on 2 nd November The Special Economic Zone Law was also enacted in 23 rd January Foreign Investment Rules issued on 31 January 2013 Amending Economic Activities

7 What DICA is? The Secretariat of MIC. Investment Promotion Agency of Myanmar Registrar Gateway for doing business in Myanmar

8 DICA s Functions for Investment Scrutinizing investment proposals Organizing investment promotion activities Facilitating investment / business Coordinating with Ministries / Region and State Governments Facilitate Business, Promote Investment and Sustain the Country s Development

9 Principles of MIC Not to violate the interest of the State and people Not to have any impact on national dignity Not to breach of sovereignty Not to affect on environment

10 Mode of Doing Business MIC Permit Start enjoy incentives Business Company Incorporation Registration/ Permit Start no incentives

11 Form of Investment 2 A Citizen or Concerned Government Organization 100% Foreign Owned 1 Joint Venture 3 Any System Included in the Mutually Agreed Contract

12 Proposal Assessment Team (PAT) According to Rule 38 of Foreign Investment Rules, the Commission shall form the Proposal Assessment Team to scrutinize the completed proposals respectively with the senior officials from the following departments: (a) Directorate of Investment and Company Administration (b) Customs Department (c) Internal Revenue Department (d) Directorate of Labour (e) Relevant Department under the Ministry of Electric Power (f) Department of Human Settlement and Housing Development (g) Department of Industrial Supervision and Inspection (h) Directorate of Trade (i) Project Appraisal & Progress Reporting Department (j) Department of Environmental Conversation

13 Mode of Doing Business in Myanar The MIC;- (a) May accept or refuse the proposal within 15 days (b) Shall allow or refuse the proposal within 90 days to the person who submit the proposal if the proposal is accepted. According to Rule 49 of Foreign Investment Rules, the Commission shall scrutinize the proposal and if it is accepted, the Permit Form (2) shall be issued within 90 days from the date of receipt.

14 Exemptions and Reliefs 5 years tax holiday Further tax exemption/relief for an appropriate period in case if it is considered beneficial for the State

15 Exemptions and Reliefs (Cont.) Exemption or relief of income tax on reinvestment; Right to accelerate depreciation of capital assets for the purpose of income-tax assessment; Relief from income tax up to 50 percent on the profit from exports; Same rate of income tax between foreigners and Myanmar citizens; Right to deduct the research and development expenditure from taxable income; Right to carry forward and set off losses up to 3 consecutive years.

16 Exemptions and Reliefs (Cont.) Exemption/Relief of Customs Duties and/or Other Internal Taxes Imported machinery & equipment - construction period Imported raw material - first 3 years of commercial production Exemption/Relief of Commercial Tax Exports

17 Guarantees No nationalization and expropriation. No termination during the permitted period. Right to repatriation.

18 Right to Use Land 50 Years (For Initial Period) Depending on the business, type of business and investment amount 10 Years (First Renewal) Land Lease 10 Years (Second Renewal)

19 Settlement of Dispute It shall be compiled and carried out in accord with the existing laws of Myanmar if the dispute settlement mechanism is not stipulated in the relevant agreement; It shall be compiled and carried out in accord with the dispute settlement mechanism stipulated in the relevant agreement. Become a member of UNCITRAL (New York Convention) on July 2013.

20 Incorporation of Companies Laws related to incorporation of companies - The Myanmar Companies Act 1914, - Special Companies Act 1950, - Myanmar Companies (Amendment) Act 1955 and - Myanmar Companies regulations The Directorate of Investment and Company Administration is responsible for permission and registration of the incorporation of companies.

21 Right to Transfer Foreign Currency The investor has the right to transfer abroad the following foreign currency through the bank which has the right to carry out foreign banking within the Union in the relevant foreign currency at the stipulated exchange rate: (a) foreign currency entitle to the person who has brought in foreign capital; (b) foreign currency permitted for withdrawal by the Commission to the person who has brought in foreign capital; (c) net profit after deducting all taxes and the relevant funds from the annual profit received by the person who has brought in foreign capital; (d) legitimate balance, after causing payment to be made in respect of taxes and after deducting in the manner prescribed, living expenses incurred for himself and his family, out of the salary and lawful income obtained by the foreign staff during performance of service in the Union;

22 Way Forward Labor Intensive Value Added Heavy / Hi-tech Industry

23 Investment Opportunities in Myanmar Resource Agriculture Fishery Mining Forestry Oil & Gas Food Processing Mineral Processing Wood Processing Petrochemical Down Stream Labour (Quality, Quantity, Cost) Garment Electronic Parts Assembly Others Location Hotel & Tourism Services Logistics Real Estate Other

24 Reforms Legal framework (FIL, FIL Rules, MCIL, MCA, SEEL) Enhance Cooperation (OECD, UNCTAD, UNDP, IFC, ADB, JICA, JETRO, GIZ & BC etc.) Policy review Capacity Development

25 Who are now in Myanmar?

26 Thank You Cooperator of Business Community, Developer of National Economy DICA

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