YANGON, May 11 (Xinhua) -- Myanmar government announced Friday both foreign companies and Myanmar-foreign joint ventures are allowed to conduct domestic retail and wholesale businesses in the country.

An order of the Ministry of Commerce said such business activities are granted with the aim of bringing down the commodity prices by enabling equal competitions between retailers and wholesalers, creating more chances for consumers to choose products, upgrading commodities and production techniques, winning more market for locally produced goods and enhancing development of small and medium enterprises (SME) in the country.

It also aims to attract more foreign investment into the country and increase job opportunities for local people.

Under the rule and regulations prescribed by the ministry, the initial investment capital of the wholly foreign-owned enterprises to conduct wholesale business shall be 5 million U.S. dollars and above, excluding the land rental fees, while that for retail business be 3 million U.S. dollars and above.

The investment capital of the joint venture companies to conduct wholesale business shall be above 2 million U.S. dollars for the equity ratio of 20 percent and above held by local citizens , while that for retail business be 700,000 U.S. dollars and above.

In accordance with the figures from the Directorate of Investment and Company Administration (DICA), a total of 5.718 billion U.S. dollars of foreign direct investment entered the country during fiscal year 2017-2018.

Under the new Myanmar Investment Law, investment with a capital of not exceeding 5 million U.S. dollars can be permitted by regional and state authorities of the DICA.