BIZ-INSURANCE: YANGON – Myanmar invites foreign investments in insurance sector
Asia World Port in Yangon, Myanmar. – XINHUA
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YANGON (Xinhua) – Myanmar authorities are inviting foreign investments in the country’s insurance sector, the official Global New Light of Myanmar reported recently.
The authorities announced last month to allow foreign insurance companies to operate and provide investment, technology and others requirements that are needed in the country’s insurance sector.
At present, some 1,200 agencies have been granted licences by the Insurance Business Regulatory Board so far, with comprehensive motor insurance, fire insurance, life insurance, health insurance and travelling insurance topping the lists.
Myanmar earns only 0.07 per cent income from insurance services at which only 86 in 1,000 people has insurance, the report said.
Foreign Direct Investment (FDI) mainly enters into the country’s agricultural, livestock and fisheries, manufacturing, power, transport and communication, hotel and tourism and real estate sectors.
In accordance with the figures from the Directorate of Investment and Company Administration (DICA), a total of USD5.718 billion of FDI entered the country in fiscal year 2017-2018 which ended in March.
Under the new Myanmar Investment Law, investment with capital not exceeding USD5 million can be permitted by regional and states authorities of the DICA . / All photographs, news, editorials, opinions, information, data, others have been taken from the Internet ..aseanews.net | [email protected] | For comments, Email to : Pahulu Gan – Contributor | [email protected]
