BANGKOK, 15 May 2012 – The National Food Institute (NFI) has advised Thai entrepreneurs to invest in the restaurant business in Myanmar as more tourists are expected to flow into the country.
The NFI has encouraged Thai entrepreneurs to seek opportunities in the restaurant business in Myanmar to accommodate the increasing number of tourists expected to be traveling to Thailand’s neighbour after it has finally opened its door to the world. Due to its low production quality, lack of technology, and basic infrastructure, the Burmese government has allowed foreign investors to help develop the country’s food industry.
The institute has pointed out that the most appropriate business to invest in Myanmar are SMEs, such as restaurants, tea shops, and distributors of low-priced product such as betel nuts.
The NFI has also found that investment in processed food production and distribution, agricultural products, machinery and technology for agriculture and food processing will benefit from the Burmese government’s policy. Myanmar is currently undergoing a major development in its agricultural policy to encourage the expansion of the public irrigation system, agricultural terrains and foreign investment in the agricultural sector.
Myanmar is also reforming its policies to draw foreign investors into the country; for example, the drafting of a new investment law, which exempts investors from paying income tax for the first 8 years, and allows a 50% corporate income tax reduction for profits derived from exports.