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Gov’t Eases Restriction on Foreign Economic Activities

The Myanmar Investment Commission (MIC) has eased some restrictions on economic activities for foreign businesses, removing 11 items from the prohibited list of economic activities previously declared, according to the commission.

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 other 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.

Since June, official figures show that Myanmar attracted investment from 34 countries, totaling $46.71 billion.

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