DICA gives thumbs down to full foreign investment in tourism sector

YANGON—Foreign investors hoping to cash in on Myanmar’s burgeoning tourism sector are in for disappointment if they’re hoping for complete penetration into the market: full foreign investment will not be permitted, and joint ventures will be allowed only with Myanmar citizens, according to the Directorate of Investment and Companies Administration (DICA).

“At present, the DICA will not give permission to operate with full foreign investment in the tourism sector, and we are going to release an announcement of which industries will or will not be permitted for joint ventures,” said Aung Naing Oo, Director General of the DICA.

“Our department can’t yet give permission to invest in the tourism sector with foreign investment. We will announce the new industries after reviewing the permitted or not permitted enterprises and joint ventures which are granted by the Myanmar Investment Commission.”

Aung Naing Oo added that international firms who want to invest in the tourism sector don’t need to go to the MIC but can register at the Company Registration Office.

“But, we won’t allow permission for fully foreign investment and will grant joint venture permission only to citizens,” he said.

source: Eleven Myanmar

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