YANGON, Nov. 25 (Xinhua) -- The Myanmar Investment Commission has suspended approvals to new wood-based industrial business for better environmental conservation, official Global New Light of Myanmar reported Saturday.
The MIC will not permit businesses which utilize raw materials extracted from the country's natural forests as wood production is being reduced by the Ministry of Natural Resources and Environmental Conservation.
A total of 89 foreign investment enterprises with 1.48 billion U.S. dollars investments have been permitted in the country's manufacturing sector as of October in present fiscal year 2017-2018.
The country targets over 6 billion U.S. dollars of foreign direct investments in FY 2017-2018.
The MIC mainly grants permits for investment in 10 prioritized sector: agriculture, livestock production, breeding and production of fishery products, export promotion industries, import substitution industries, power sector, logistics industries, education, health, construction of affordable housing and establishment of industrial estates.
More foreign investments are likely to enter the country as the new Myanmar Investment Law has been introduced which contains tax exemption and relief to investors depending on the development of the regions and state allowing investors in far-flung areas enjoy tax breaks of up to seven years.
