The Mineral Industry of Burma (2014)

Description: 

The report contains very little information beyond 2015... "In 2014, Burma (also known as Myanmar) produced a variety of mineral commodities, including antimony, cement, coal, copper, lead, manganese, natural gas, nickel, petroleum, petroleum products, precious and semiprecious stones, tin, tungsten, and zinc (table 1). Since 2012, Burma has undergone many political changes, including reforms to law and government policies, that directly affected the country?s economy, social wellbeing, and stability. many changes were a result of the Government starting to implement more democratic reforms following more than 50 years of military rule and the subsequent lifting of sanctions imposed by Western countries. The changes were stimulating interest in foreign direct investment (FDI) in the country, especially in the mining and industry sector. In fiscal year 2015 (which ran from april 1, 2014, to march 30, 2015), FDI in Burma amounted to $8 billion invested in a total of 211 projects compared with $4.1 billion invested in 123 projects in fiscal year 2014 and $1.4 billion invested in 94 projects in fiscal year 2013. Investments in fiscal year 2015 were made by partners from Singapore (43 projects), China (34), Hong Kong (27), and the united Kingdom (12), among others. Burma?s leading investor was Singapore (which invested $4.297 billion) followed by the United Kingdom ($721.9 million), Hong Kong ($624.8 million), and China ($516.9 million) (Central Statistical Organization, 2015). The legal and regulatory framework related to FDI includes the Foreign Investment Law of 2012, the Foreign Investment Rules of 2013, and Notification No. 49/2014 (New Notification) of August 2014 issued by the Myanmar Investment Commission. The New Notification clarifies the type of activities in which foreign investments are prohibited or restricted. according to Burma?s ministry of mines, the set of laws and notifications related to FDI were created to attract interest from investors and included such provisions as exemption from commercial tax on profits that are planned to be reinvested in the country within 1 year, 5 years of tax holiday instead of 3 years, income tax relief of up to 50% on export profits, granting foreign firms the ability to fully own ventures in the country, and the promise from the Government not to nationalize the business while the contract is in place. The ministry of mines also recommended the amendment of the country?s mining Law in the near future to be in accordance with international standards, reform of the banking system, and an increase in the country?s technical knowledge as a means to increase national productivity and self-sufficiency (Aung, 2014; Finch, undated)..."

Creator/author: 

Yolanda Fong-Sam

Source/publisher: 

US Geological Survey (USGS), "Minerals Yearbook" 2014

Date of Publication: 

2017-09-16

Date of entry: 

2017-12-10

Grouping: 

  • Individual Documents

Category: 

Language: 

English

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