Monday, 30 January 2012 15:44 Mizzima News
Industry Minister U Soe Thane told reporters that as the country’s democracy reform continues, “They are rushing to us. We are just opening the door,” according to Agency France Press.
The minister said his first visit to Davos had been a success, and he met with many corporate officials who expressed interest in the country. He stressed Burma’s location between India and China, its fishing industry and its people, many of whom speak English, he said.
Deputy railways minister Lwin Thaung told AFP the government was looking to enact radical legislation to attract investors.
“Presently we have a Myanmar investment law which is rather restrictive, but we are now revising it,” he told AFP. “We have hired foreign consultants ... and we have told them to draw up the law so as to be more attractive than our neighbours.”
“It will give tax exemptions for up to eight years and, if the enterprise is profitable for Myanmar, we will extend the incentive. We have already drafted the bill ... and at the end of February the law will come out.”
Earlier, reports said that the European Union is considering lifting some sanctions against Burma as soon as February, according to diplomats in Brussels, and the U.S. has promised further reforms will be met with US rewards.
“Our political reforms are not connected to the pressure from the outside. It is what is good for the people, good for the country and for the whole world community,” Lwin Thaung said.
Burma hopes to see immediate investment is the tourist industry and U Soe said hotels were already struggling to cope with demand.
“Tourism is booming. In Yangon there's no room. And it's not only in Yangon but Mandalay and Inle Lake,” he said in reference to a major tourist attraction.
Subscribe to email feed
