Myanmar is planning to establish six special economic zones (SEZ) to attract direct foreign investment into the country in a bid to promote its economic development, local Weekly Eleven News reported Tuesday.
The six SEZs are outlined as Thilawa Port in Yangon, Mawlamyine in Mon state, Myawaddy and Hpa-an in Kayin state, Kyaukphyu in Rakhine state and Pyin Oo Lwin in Mandalay division, the industry circle was quoted as saying.
Prospective sectors for foreign investment are outlined as production, high-tech, agriculture, livestock breeding, forestry, transport and communications, and banking services.
Foreign investors making direct investment in the SEZs will be categorically exempted from taxation ranging from two to eight years, the report said, specifically adding that investment in high-tech will be exempted from income tax for the first eight years, while that in production for the first five years and that in agriculture, livestock breeding, forestry and banking services for the first two years.
Prospective investors in the SEZs are viewed as coming from China, India, Singapore, and Thailand.
Meanwhile, a new SEZ law has reportedly been drafted for future enactment.
According to the latest official statistics, contracted foreign investment in Myanmar has reached 14.6 billion U.S. dollars in 402 projects since the country opened to such investment in late 1988.
Source: Xinhua
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