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Updated on October 9, 2018 From Mizzima

Myanmar to hold investment fairs to spur development

Myanmar is making preparations to hold a business forum in Mandalay, the country's second largest city in the north, on Nov. 9, aiming to promote trade and investment for the development of Mandalay region, according to the Directorate of Investment and Company Administration (DICA) Monday.
        Such a forum is partly aimed at driving development more evenly among all states and regions.
        The forum will showcase business opportunities in the region, familiarize new business law and regulations and the investment environment of Mandalay region and widen network between foreign investors and local business community, said the organizer.
        High level speakers, officials from the government side and the leading personnel from the private sector will speak on the occasion, the organizer added.
        During the event, a site tour to some industrial zone, new Mandalay resort city project and national park as well as some potential investment areas will be arranged by the Myanmar Investment Committee and regional authorities.
        With a population of 1.2 million, Mandalay, which is a trading hub and logistic hub in northern Myanmar, has set its sight on further industrialization and enhancement of its economic condition.
        According to Mandalay Region Investment Committee, the regional government has granted five foreign direct investment (FDI) projects worth 13.633 million US dollars from August 2017 to June 2018.
        Myanmar government formed the Mandalay Region Investment Committee in July 2017, entrusting power to the regional authorities to approve FDI sought in the region which does not exceed an initial investment of 5 million US dollars.
        Meanwhile, Myanmar recently reformed its investment commission and enforced a new companies law which took effect on Aug. 1, aiming to attract foreign investment, to allow companies to benefit from the new Myanmar Companies Law which has abolished the mandated system of submitting an authorized capital as well as the requirement of an article of association and a memorandum of association previously prescribed.
        Meanwhile, organized by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Myanmar is also planning to hold an investment summit in the capital of Nay Pyi Taw on Jan. 8-9, 2019, aiming to develop domestic economy, to promote local and foreign investment in the country's regions and states as well as to encourage public-private partnership in the country.
        Investors from countries including the United States, Britain, China, India, Japan, South Korea, Australia, Singapore and Thailand will also be invited to the event.
        The authorities are striving to seek investments from both home and abroad as well as employment in the country's major sectors, manufacturing, garment, electricity and energy, foodstuff, tourism, education, healthcare and land through the summit.
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