Myanmar promulgates special economic zone law

The Myanmar State Peace and Development Council Thursday promulgated the Special Economic Zone Law, aimed at attracting more foreign investment to boost the country's economy, the state-run radio and television reported.

The law comprises 12 chapters covering that related to the central administration board, special privileges, investment, use of land, financial matters and insurance as well as prevention against disease.

The enactment of the new special economic zone law came 23 years after Myanmar promulgated its first foreign investment law in late 1988.

The country's foreign investment has hit 31.957 billion U.S. dollars as of October 2010 since the country opened to such investment in that year.

The investment was up sharply during the period from May to October in 2010-11 when billions of dollars were injected sectorwise.

Of the investment, oil and gas was leading with 13.447 billion U.S. dollars, electric power 11.341 billion U.S. dollars, mining 2. 395 billion U.S. dollars, manufacturing 1.663 billion U.S. dollars, hotels and tourism 1.064 billion U.S. dollars and agriculture 96. 351 million U.S. dollars.

The foreign investment coming from 430 enterprises of 31 countries and region were respectively injected into 12 economic sectors which are oil and gas, electric power, manufacturing, real estate, hotels and tourism, mining, transport and communications, livestock breeding and fisheries, industry, construction, agriculture and services sector.

Meanwhile, Myanmar also designated 24 development zones in the country, carrying out major projects.

In the industrial sector, it has set up 18 industrial zones across the country to encourage private sector to run industrial enterprises for the development of the sector. So far, a total of 9,574 private industrial enterprises are in operation there.

The 18 local industrial zones are Hlaingthaya, Shwepyitha, Shwelinpan, Shwepaukkan, North Okkalapa, South Okkalapa, Dagon Seikkan, East Dagon, South Dagon, North Dagon, Thakata, Mingaladong, Yangon, Wartayar, Pyin Mapyin, Thatukan, Thit Ahchaykan and Myaungdakar.

Myanmar's industrial sector contributes about 20 percent to the gross domestic product and private sector's contribution to the industrial sector stands 92.36 percent, statistics show.

According to the Myanmar Investment Commission, Myanmar national private companies made most investment in the sector of industry.

Source: Xinhua