Foreign entrepreneurs possible to rent private owned lands!

Reported by Chan Myae Thu Translated and Edited by Aung Khin+MYA

Foreign entrepreneurs will be allowed to rent private owned lands in Myanmar, according to the responsible persons of the Republic of Union of Myanmar Federation of Chamber and Industry (RUMFCCI). According to the Union of Myanmar Foreign Investment Law, foreign businesspersons were allowed to rent only state owned lands and businesses in the past. “Some paragraphs of the Union of Myanmar Foreign Investment Law made intricacies for potential foreign businesspersons. They could do investments only on State owned lands. The proposals have been submitted to amend FDI law. During the period when this law is being amended, the relevant departments will issue official announcements to allow the lease on private owned lands to attract foreign businesspersons and to promote foreign investment sector. This information was said to be given by a responsible person of the Companies Registration Office at the meeting held at office of RUMFCCI on 4 September 2011,” said a responsible person of RUMFCCI. Moreover, some announcements will be issued to abolish the obsolete exchange rate of six kyats per US dollar, and to fix a new foreign exchange rate that is compatible with modern time. “The responsible person of Companies Registration Office was quoted to have said at the meeting that some restrictions in foreign direct investment sector will be relaxed to smooth the working processes. The existing foreign exchange rate of six kyats per US dollar will be substituted with a new rate,” said a responsible person of RUMFCCI. Ref:weeklyeleven