Myanmar reforms laws to attract investment

Myanmar's gradual opening-up has brought many favorable policies that will bring tremendous opportunities for China's entrepreneurs, Soe Han, counsellor of the Myanmar embassy in China, said on May 23 at a seminar.

Myanmar reformed foreign investment laws this year, offering a five-year tax exemption for foreign enterprises in its special economic zones, and another five years during which the tariffs for export will be halved, Soe Han said.

The government has also simplified the approval procedure for foreign investment.

"Applications will be approved within one week if all the criteria are met. Registration of a new company can be finished in one day," Soe Han said.

Myanmar also launched a managed float of its currency, the kyat, on April 1 to help normalize and unify its multiple exchange rates.

China is the largest investor in Myanmar, with investment volume reaching more than $20 billion. That accounts for 57.8 percent of total investment, according to the Myanmar embassy.

The power sector is the largest area for Myanmar's foreign investment, followed by oil and gas, and mining.