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)..."
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