YANGON, July 14 (Xinhua) -- Myanmar Investment Commission has recently permitted 24 more investments, creating over 11,200 job opportunities, the official Global New Light of Myanmar reported Saturday.
The permitted enterprises include 19 foreign enterprises and five local enterprises.
The 143.12 million U.S. dollars' investments from those 19 foreign enterprises entered the country's manufacturing, agriculture and other sectors while investments from five local enterprises flowed into the country's hotel and manufacturing sectors.
Meanwhile, a total of 44 foreign enterprises with the capital of 325.6 million U.S. dollars investment were permitted as of July during the six-month transitional period which started in April this year.
The country has changed its fiscal year period from original April-March to October-September beginning 2018-2019, producing a six-month transitional gap.
The country's Yangon region attracts 60 percent of both local and foreign investments, followed by Mandalay with 30 percent and the rest flows into other regions and states.
The new Myanmar Investment Law which will allow foreign investors to take up 35 percent in local companies will become operational on Aug. 1 this year.
Under the new Myanmar Investment Law, investment with capital not exceeding 5 million U.S. dollars can be permitted by regional and states authorities of the DICA.
The new investment law contains tax exemption and relief to investors depending on the development of the regions and states allowing investors in far-flung areas to enjoy tax breaks of up to seven years.?
