MIC lists ten priority sectors for quicker approvals

The Myanmar Investment Commission (MIC) has announced ten priority areas, according to a statement on the Directorate of Investment and Company Administration’s website.

Investors submitting proposals in the area will be given priority, with foreign and local investors welcome to invest in the areas, the statement said..

It is not clear from the statement how the priority status will work in practice, other than that there will be fast approvals in the ten sectors.

The ten sectors are:

1. Agriculture and related services, plus value-added production of agricultural products
2. Livestock production and breeding, and production of fishery products
3. Export promotion industries
4. Import substitution industries
5. Power sector
6. Logistic industries
7. Education services
8. Health care industry
9. Construction of affordable housing
10. Establishment of industrial estate

The list follows the introduction of the new Myanmar Investment Law, which replaces the former Foreign Investment Law and Myanmar Citizens Investment Law.

The new law was passed by parliament in October 2016, though did not come into force until the end of the fiscal year, when cabinet approved the law’s bylaws

Source: Frontier Real Estate