YANGON, March 7 (Xinhua) -- China's investment in Myanmar reached 2.8 billion U.S. dollars in this fiscal year 2016-2017 , drastically down by nearly 500 million U.S. dollars as compared with the previous fiscal year, official media reported Tuesday.
However, China still ranks first overally in the total foreign investment line-up with 18.53 billion U.S. dollars as of January 2017 since 1988, the Directorate of Investment and Company Administration was quoted as saying.
In this fiscal year 2016-17, Singapore stood as the largest investor with 3 billion, followed by Vietnam as the second which climbed to the position for winning as the fourth telecom operator in the country.
Foreign direct investment mostly enters into transportation, communications and manufacturing sectors.
Myanmar's investment Commission carefully scrutinized foreign investment proposals after verifying sector-specific development, job opportunities and environmental impact assessment.
Meanwhile, the commission announced last week three zones where income tax for investment will be relatively exempted or relaxed in accordance with their development status.
Under the new investment policy, the investors will enjoy income tax exemption for a consecutive 3 to 7 years starting from the year of commercial operation for investment in the zones respectively.
The investors are encouraged to invest in the government's promoted sectors to enjoy the tax privileges.
Myanmar's new Investment Law, endorsed on Oct.18 with the approval of both Houses, was drafted in 2013 based on suggestions from experts and businessmen with the help of International Finance Corporation (IFC) and the new law combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.
The country attracted 69.536 billion U.S. dollars of foreign investments as of January since late 1988.
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