YANGON, Nov. 24 (Xinhua) -- The Myanmar Investment Commission (MIC) on Friday invited local and foreign investment in southeastern Kayin state for local economic development.
According to an announcement of the commission Friday, investments are invited in electric power generation, transmission and distribution, bonded warehouse, establishment of industrial estate, infrastructure for the transportation sector as well as industry, agriculture, hotel and tourism in the region.
The MIC will also organize investment fairs in Hpa-An township aimed at promoting investment for balanced economic development in the country.
Myanmar's Yangon region attracts 60 percent of both local and foreign investment, followed by Mandalay with 30 percent and the rest flows into other regions and states.
In the fiscal year 2017-2018, over 4.5 billion U.S. dollars of foreign direct investment had entered the country so far, according to statistic of the MIC.
The country targets over 6 billion U.S. dollars of FDI in the 2018-2019 fiscal year.
Meanwhile, the new Myanmar Investment Law has been introduced which includes 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.