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Only 19 Companies in Kachin State Registered for Investment Privileges
Tin Mg Oo/Myanmar Business Today
Although many companies are operating in Kachin State, only 19 have registered in accordance with Myanmar Investment Law, according to U Aung Naing Oo, Permanent Secretary of the Ministry of Investments and Foreign Economic Relations.
“In terms of local investments, there are only 19 companies registered with either the Myanmar Investment Commission or the Kachin State Investment Committee. Their combined investment amount is only K43 billion, which is 0.7 percent of the total investment in the country,” said the official at the Kachin State Economic Forum on November 5.
U Aung Naing Oo also pointed out that when meeting with government leaders, local businessmen often ask for tax exemptions, and yet they do not bother to claim the benefits granted by law.
Under Myanmar Investment Law, a five-year tax exemption is available to registered companies operating in Myitkyina, Waingmaw, Phakant and Monyin, while companies in the state’s other townships are entitled to a seven-year tax exemption.
By registering with relevant authorities, companies can legally work with both local and foreign companies, open branches in other countries and easily secure loans from local banks.
Once peace is established in the conflict-torn state, tourism will become a sustainable sector as Kachin has many tourist attractions. The state also plays a critical role in the China-Myanmar Economic Platform.