Sunday, October 14, 2012

SOUTH KOREANS ARE COMING

MYANMAR,ROK SIGNED MOU ON DEVELOPMENT COOPERATION
President of the Republic of the Union of Myanmar U Thein Sein met President of the Republic of Korea Mr. Lee Myung-bak at Blue House in Seoul,ROK at 5 pm local time today and held discussions on matters related to mutual benefits.
Also present at the call together with the President were the Union Ministers,the Chief Ministers,Deputy Ministers,the Ambassador to ROK and departmental heads.Together with the President of ROK,the Minister of Foreign Affairs and Trade,The Minister for Knowledge Economy,the Ambassador of the ROK to Myanmar and senior officials attended the meeting.
Next,a signing ceremony followed.nion MInister for Foreign Affairs U Wunna Maung Lwin and the Minister of Foreign affairs and Trade of the ROK signed aid
agreement and Union Minister for Industry U Aye Myint and the Minister of Foreign Affairs and Trade of the ROK,MoU on development cooperation in the presence of the two leaders and exchanged notes. - MNA

CO-OPERATION IN SMEs TO SERVE INTERESTS OF MYANMAR,SOUTH KOREAN PEOPLES

President U Thein Sein addressed a luncheon hosted by the Korea Federation of Small and Medium Business (KBIZ) at Lotte Hotel of Seoul in South Korea this afternoon.
Also present at the luncheon together with the President were Union Ministers,region Chief Ministers,Deputy Ministers and delagation members. IT was also attended by the Chairman and members of KBIZ,officials of Federation of KOrea Industries (FKI),Korea Chamber of Commerce and Industry(KCCI) and Korea International Trade Association and guests.
Chairman Mr. Kim Ki Moon of KBIZ extended greetings.
The President said in his address that he visited South Korea at the invitation of
South Korean President Mr Lee Myung-bak and it is the first-ever goodwill visit of aleader of Myanmar during 25 years. The two countries established diplomatic relations since 1975,he said. The friendsahip and mutual cooperation improved the mutual relations after the establishement of diplomatic ties,he said.
Coming across various historical experiences like Myanmar,South Korea is achieving development in all sectors,he aid.Not only East Asdian countries but the world nations are inspired by achievement of rapid growth by South Korea and its hard-working people,he said.
The President un derscored the need to extract hijghest productivity of all citizens and found Inclusive Economic Institutions that could independently make business decisions without giving any space for oligarchy. The emergence of Inclusive Economic Institutions with the participation of all political forces in the political process could bring about the economic development and make democracy well entrenched in Myanmar,he said.The President President said he believed that the emergence of inclusive economic institutions is important.
The entrepreneurs and small and mediumentrepreneurs in Myanmar's economy who had lacked contacts with internationalk ecnomic community need to initiate necessary economic reforms in cooperation with Korean entrepreneurs who are in touch with the international community.
He hoped for the help of KBIZ extended to small and medium enterprises of Myanmar to get ready trhemselvesd to tap opportunites and tackle challenges stemmed from foreign investments that would be made in Myanmaar followng political and economic developments of the country.
The government established SME Centers for adopting necessary polocies and conducting research and SME Bank was established for dealing with monetary matters in running SMEs,he said. He thanked the South KOrean government for its pledge to open a KDI.
Through cooperation in SMEs,the interests of the peoples would be served,he said.
Chairman of Myanmar Investment Commission Union Minister U Soe Thein and the KBIZ Chairman exchanged notes of MoU on SME development. The President and those present had the lunch.

The President paid floral tribute at National Cemetery in Seoul in the evening and signed in the visitors' book. - MNA

BUSINESS MEETING WITH GWANG-MYEONG KOREA TRADE MISSION

One to one Business meeting was held with Gwang-myeong Korean Trade Mission
at Mingalar Hall,Kandawgyi Palace Hotel on 12w Oct 2012 from 09:30 am to 4:00 pm staged by KOTRA.
It was a very promising event.
AIKANG GREENTECH CO. LTD.,UDI ENGINEERING CO. LTD.,TAESAN ENGINEERING & CONTROL LTD.,MASTER SYSTEM CO. LTD. etc. are willing to invest in Myanmar and to give agency in Myanmar.He who has interest on it please contact KOTRA Yangon.
 

Wednesday, October 10, 2012

Tuesday, October 9, 2012

THE PRESIDENT GOES TO SEOUL

THE PRESIDENT GOES TO SEOUL

At the invitation of President of the Republic of Korea Mr. Lee Myung-bak,President of the Republic of the Union of Myanmar   U Thein Sein
together with delegation members Union Ministers U Wunna Maung Lwin,           U Soe Thein,U Tin Naing Thein,U Khin Maung Soe and U Soe Myint,Chief  Ministers U Myint Swe,U Ye Myint and U Nyan Lin,Deputy Ministers U Han        Sein and Dr. Daw Thein Thein Htay and Departmental Heads left here by air 
on 7th Oct to pay a goodwill visit to the Republic of Korea and arrived at 
Incheon International Airport in Seoul,the Republic of Korea.
They were welcomed at the airport by Deputy Minister for Foreign Affairs 
and Trade of the Republic of Korea ,Head of Protocol Department Mr. BaeJae Hyun, Head of South Asia and Pacific Affairs Mr. Hae Yun Park,Ambassador 
of the Republic of Korea to Myanmar Mr. Kim Hae Yong,Myanmar Ambassador 
to ROK U Nyunt Hlaing,Military Attache Brig-Gen Myint Hein,personnnel and families of Myanmar Embassy and Military Attache's Office.
The President and delegation members arrived at Lotte Hotel in Seoul on a 
motorecade.The President gave a TV interview to Mr. Kim Yong Deok,Politi-
cal and Foreign Affairs correspondent of KBS News Agency of ROK,at the hall of the hotel.-MNA

Vice-President Dr Sai Mauk Kham receives Japanese Guests

Vice-president Dr. Sai Mauk Kham of the Republic of the Union of Myanmar
received a delegation led by Vice Chairman Mr. Masayuki Matsushita of Osaka-
based Kansai Economic Federation (Kankeiren) and Panasonic Company from Japan at the credentials Hall of the Presidential Palace here this evening.
Present at the call together with Vice-President Dr. Sai Mauk Kham were Deputy Ministers U Thant Kyaw,U Htin Aung,U Thein Aung,Dr. Pwint Hsan,Dr.Daw Khin San Yi and officials.
At the call,they cordially discussed matters related to promotion of amity between
Myanmar and Japan,Myanmar's foreign investment law, human resources development for Myanmar citizens and job opportunities,cooperation for emerging
prospects in factory,workshop,agriculture,science and technology sectors. - MNA

Investment Law

China stands to benefit from the incentivec provided in Myanmar's new Investment policies. As explained by a Myanmar trade representative at a recent
investment seminar in Beijing,customs duties for machinery and equipment during a new foreign project's construction period would be waived,and so will income taxes for the first three years. Value added taxes,once astronomically high,has also been dramatically cut with upper limit of 5 %.
In Special Economic Zones foreign companies will get a 5 years tax holiday and
a 50 % reduction in income taxes on exported products,Myanmar now has three economic (shipping) zones at ports under construction.
 




Friday, October 5, 2012

INVESTMENT IN MYANMAR

MYANMAR FOREIGN INVESTMENT LAW

  • FORM OF ORGANIZATION  
  • 100 % foreign-owned (permitted  activities by MIC)
  • Joint Venture (Any Myanmar Partner or Organization / state owened Enterprises)

Other form of Business Contract which is mutually agreed by both parties                                                                                                   

  • MINIMUM FOEIGN CAPITAL   
  • Depends on type of business nature and sector
  • If JV,35 % of total capital
  • If JV (restricted/prohibited activity),                 
  • Foreign Capital  -  50 : 50
  • Both                    in kind                                                     
  •                           in cash
  • TAX INCENTIVES

    • 5 YEARS TAX HOLIDAY
    • further tax exemption / relief for an appropriate period in case if it is 
    • considered beneficial for the State. 
    • Exemption on relief from customs duty or other internal taxes or both
    • on importation of machineries & equipments during construction period.
    • Importation of raw materials for production for the first 3 years.
    •  
    • The Commisssion may also grant ; -
    • exemption or relief rom income tax on profit which is reinvested within in year.
    • Relief from income tax up to 50 % on the profir from exports.
    • right to pay income tax on behalf of the foreign employees andt o deduct the same from the assessable income of the enterprise.
    • right to pay income of the foriegn employees at the rate applicable to the citizens of Myanmar.
    • right to deduct the research and development expenditure.
    • Right to accelerate depreciation
    • Right to carry forward and set off losses up to 3 consecutiove years , from the year the loss is sustained.
    • Exemption or relief fromcustom duty ot other internal taxes or both on 
    • machineries ,  equipments, etc. if the investment amount is increased and the original investment business is expanded during the permitted period.
    • Exemption or relief from commercial tax on the goods produced for export.

       

      YOU CAN NOW INVEST IN MYANMAR SUCH AS CONSTRUCTION OF HOTELS IN NAY PYI DAW , YANGON, MANDALAY AND   NGWE SAUNG BEACH.                           

Tuesday, October 2, 2012