by Feng Yingqiu

YANGON, July 1 (Xinhua) -- Myanmar has reformed its investment commission recently and will soon enforce a new companies law in a bid to promote foreign investment.

The new Myanmar Investment Commission was reorganized with 13 members with Minister at the Office of the Government U Thaung Tun as chairman.

Along with the enactment of the new Myanmar Companies Law, the commission asked all companies in the country to re-register within six months from the date when the law takes effect on Aug. 1.

The move, partly aimed at attracting foreign investment, will allow the companies to benefit from the new Myanmar Companies Law which has abolished the mandated system of submitting an authorized capital as well as the requirement of an article of association and a memorandum of association previously prescribed.

The new law will also facilitate rapid registration using the online registry system.

The commission vowed to be transparent, take proactive approach and promote responsible investment under the new management.

Meeting with four foreign chambers of commerce from the United States, Australia, Britain and Europe in Yangon, the commission's new chairman U Thaung Tun pledged to work more efficiently and deal with investors more friendly, underscoring investment opportunities in Myanmar and urging the four foreign business organizations to take advantage of the changes to invest in the country.

Sharing their perspectives and challenges that would need to be addressed, representatives of the four foreign chambers of commerce voiced support to Myanmar's economic development and vowed to promote partnership with Myanmar.

Meanwhile, Myanmar has mapped out new urban development projects of Yangon region, inviting local and foreign entrepreneurs to invest in the master plan.

The Yangon Region Investment Committee said sub-centers, new towns, railway stations and industrial zones will be established as part of the new urban development plan.

Myanmar's Yangon regional government has also formed a new firm of its own to implement the massive urban development project covering the southwest new town project in the west of the Yangon River and south of the Panhlaing River to the river mouth.

Foreign entrepreneurs are among those invited to invest in the project to facilitate infrastructure development through public-private partnership.

Yangon region accounts for 23 percent of the gross domestic product of the country, with annual GDP growth at an average of 9.2 percent.

The region also witnesses 85 percent of the total foreign trade, having attracted a total of 20.2 billion U.S. dollars in foreign investment from 845 enterprises since the fiscal year 1988-89.

The region's population is projected to increase to 10 million by 2030 while it is currently home to 7.4 million people.

According to the statistics, Myanmar attracted 5.7 billion U.S. dollars in annual foreign direct investment (FDI) in the last fiscal year 2017-18 with Singapore topping the list of foreign investors in the country with 2.1 billion U.S. dollars, followed by China.

Myanmar targets to attract 3 billion U.S. dollars in FDI during the six-month transitional period as the government has changed its fiscal year period from original April-March to October-September beginning 2018-2019, producing a six-month transitional gap.

Total foreign investment in Myanmar hit 76 billion U.S. dollars as of the end of March this year since late 1988 with China standing as the largest foreign investor, followed by Singapore and Thailand.