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Myanmar eases restriction on foreigners' economic activities

Source:   Time:

YANGON, Sept. 1 (Xinhua) -- The Myanmar Investment Commission ( MIC) has eased some restrictions on economic activities for foreigners, removing 11 items of businesses from the prohibited list of economic activities previously declared, according to the commission Monday.

These economic activities lifted for foreigners include jade and gemstone prospecting, exploration and production, small and medium scale mineral production and distribution of newspapers, magazines and journals in Burmese and national ethnic languages.

The commission also cut the list of economic activities previously allowed only in the form of joint venture with local Myanmar citizens from 42 items to 30.

The commission has so far during this year permitted nearly 30 projects for investment by local entrepreneurs, while 60 for investment by foreigners.

Official figures showed that Myanmar attracted from 34 countries and regions a total of contracted foreign investment of 46.71 billion U.S. dollars as of June this year since 1988 when Myanmar opened door to the world.

Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-old 1988 similar law and reformed its investment commission in June this year as part of its efforts to draw more foreign investment into the country in line with its reform strategy.

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