?Photo taken on May 19, 2018, shows the Asia World Port in Yangon, Myanmar. Myanmar authorities are inviting foreign investments in the country's insurance sector, the official Global New Light of Myanmar reported Saturday. (Xinhua/U Aung)
YANGON, May 19 (Xinhua) -- Myanmar authorities are inviting foreign investments in the country's insurance sector, the official Global New Light of Myanmar reported Saturday.
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 percent 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 5.718 billion U.S. dollars' FDI entered the country in fiscal year 2017-2018 which ended in March.
Under the new Myanmar Investment Law, investment with capital not exceeding 5 million U.S. dollars can be permitted by regional and states authorities of the DICA.??