At a recent investment fair intended to boost the economy of one of Myanmar’s most impoverished state, the government of Chin State closed lucrative deals with private companies for projects exceeding more than $54 US.
Four memorandums of understanding (MoU) were signed with foreign and domestic companies at the Chin State Investment and Products Fair 2019 at the Myanmar Convention Center in Yangon on March 16.
“I hope this will help to open up business opportunities and investment for Chin State in the future,” said Chin State Municipal Minister U Soe Htet.
Located in western Myanmar next to Bangladesh and India, Chin State is one of the poorest states in the country.
Of the companies involved, Norway Power Co. Ltd. contributed $50 million into hydropower; the biggest and the first foreign investment in the state.
KL Amazing Col, Ltd. will invest MMK 1.2 billion in a hotel project; The Khumi Institute is investing MMK 3 billion in a Paletwa urban development project; Chin Taung Yadanar Co., Ltd (established by farmers in Chin state) will invest US$1 million in an industrial project for the production of value-added yam and coffee products.
The companies will be exempt from paying income tax-free for 7 years under Myanmar’s investment law.
The Ministry of Investment and Foreign Economic, UK Aid and private businesses organized the fair over the weekend.
The two-day event was intended to stimulate the economy after losses in direct foreign investment in Myanmar.