Friday, January 28, 2011

Junta enacts special economic zone law

Friday, 28 January 2011 16:05 Mizzima News

Chiang Mai (Mizzima) – To attract foreign investment, the Burmese junta has enacted the Myanmar Special Economic Zone Law, the state-run newspaper New Light of Myanmar reported on Friday.

The law comprises 12 sections including ‘Special Privileges of Investors’, ‘Land Use’, and ‘Banks and Financial Management and Insurance’.

Since the military junta came into power in 1988, about 430 companies from 31 countries have invested in 12 economic sectors in Burma.

Among the sectors, the highest earnings are from oil and natural gas, which are projected to total from US$ 20 to 30 billion over the life of the projects, according to industry observers.

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