Foreign investments are increasing in the least-developed regions as Kachin, Kayin, Chin and Rakhine States

According to the Myanmar Investment Commission (MIC), the least-developed regions of the country are Kachin, Kayah, Kayin, Chin, and Rakhine States. Now, foreign investments in these least-developed areas are increasing, according to the Directorate of Investment and Company Administration.

At least four or five foreign investments have recently flowed into these states. The investments in Rakhine, Kachin, and Kayin States have been in the manufacturing sector; meanwhile, due to electricity issues, the investments in Chin and Kayah States have been in the eco-tourism sector.

At a recent press conference, U Thant Sin Lwin, Director General of the Directorate of Investment and Company Administration, said: “Less developed regions are receiving more interest from investors. However, states like Chin receive less interest because of transportation difficulties in that area. Meanwhile, places like Loikaw in Kayah State are receiving more investment than before.”

The MIC divides all of the regions and states in the country into three groups, depending on their development, and it provides various incentives to investors who make investments in the least developed states and regions. Among these incentives are seven years of being tax exempt.

In an attempt to boost investment in the country, the government has adopted the Myanmar Investment Promotion Plan 2016-2017 to 2035-2036. it will implement the plan in three different phases: the short-term goals will span the first five years; the mid-term goals will take an additional five years; the long-term goals will be met during the final ten years.

According to the Myanmar Investment Promotion Plan, the country is expected to climb to number 40, up from its current standing of 171 on the World’s Ease of Doing Business scale.

During FY 2017-2018, Myanmar received $6.1 billion in foreign direct investment. Under the Myanmar Investment Protection Plan, the country anticipates receiving $8.5 billion per year between 2021 and 2026, $12.3 billion annually between 2026 and 2031, and $17.6 billion every year between 2031 and 2036.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/foreign-investments-myanmar-s-least-developed-regions-increase)

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