Published on Monday, 14 January 2013 17:03
Amendments to the Myanmar Special Economic Zone Law are 80 percent complete and they make the law enacted two years ago more flexible, National Planning and Economic Development Deputy Minister Sett Aung told a recent workshop.
“It has been amended under the rules and regulations of the country’s constitution to meet international norms,” the deputy minister explained. “We expect that the new amendments will be flexible and more attractive for local and international investors,” he said at a workshop about Thilawa Special Economic Zone.
Some businesspeople have described the law as restrictive for foreign companies, which the current government is attempting to woo under its new economic reform strategy.
Compared to foreign investment laws in neighbouring countries, Myanmar offers greater flexibility for international investors, government officials have said.
The country is in the process of developing three special economic zones that will include tax incentives and tax breaks for investors. These are: Thilawa, Kyaukphyu and Dawei special economic zones. The government said it is aiming to develop the most attractive special economic zones in the region at internationally competitive prices. Officials have said they will prevent sudden rises in land prices through price controls and management, but there is no official mechanism to do this.
Sett Aung also said the Industrial Zone Law will be made more business friendly in the near future.
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