Myanmar investment law signed
Myanmar’s president Thein Sein finally signed the new foreign investment law on November 2 closely ahead of the Asia-Europe Summit (ASEM), to be held in Laos on November 5-6 and, on the same day when the World Bank announced that it would resume international humanitarian aid to the country because its population is in dire need of basic facilities.
“Investors were waiting for the bill to be approved. That’s why he signed it as soon as he could,” Zaw Htay, an official in President Thein Sein’s office, was quoted as saying by AFP. Htay added that the president wanted to enact the bill before flying to Laos to attend the ASEAM summit.
So far it is not clear what the changes in the law comprise. It is understood that important clauses on foreign ownership and start-up capital requirements have been diluted and will in future be decided on a case-by-case basis by the Myanmar Investment Commission and “between foreign and local partners.”
This seems to be a solutions that saves face of the Myanmar government as the law maintains a liberal attitude towards investors. However, it is now far from being a clear legal framework and the rules and regulations are now more or less a matter for the Myanmar Investment Commission, a government body situated in Naypyitaw with 20 employees and under strong influence of Myanmar’s main business lobbying group, the Federation of Chambers of Commerce and Industry.
[caption id="attachment_5094" align="alignleft" width="300"] Myanmar's president Thein Sein[/caption] Myanmar's president Thein Sein finally signed the new foreign investment law on November 2 closely ahead of the Asia-Europe Summit (ASEM), to be held in Laos on November 5-6 and, on the same day when the World Bank announced that it would resume international humanitarian aid to the country because its population is in dire need of basic facilities. “Investors were waiting for the bill to be approved. That’s why he signed it as soon as he could,” Zaw Htay, an official in President Thein Sein’s office, was quoted as saying by...
Myanmar’s president Thein Sein finally signed the new foreign investment law on November 2 closely ahead of the Asia-Europe Summit (ASEM), to be held in Laos on November 5-6 and, on the same day when the World Bank announced that it would resume international humanitarian aid to the country because its population is in dire need of basic facilities.
“Investors were waiting for the bill to be approved. That’s why he signed it as soon as he could,” Zaw Htay, an official in President Thein Sein’s office, was quoted as saying by AFP. Htay added that the president wanted to enact the bill before flying to Laos to attend the ASEAM summit.
So far it is not clear what the changes in the law comprise. It is understood that important clauses on foreign ownership and start-up capital requirements have been diluted and will in future be decided on a case-by-case basis by the Myanmar Investment Commission and “between foreign and local partners.”
This seems to be a solutions that saves face of the Myanmar government as the law maintains a liberal attitude towards investors. However, it is now far from being a clear legal framework and the rules and regulations are now more or less a matter for the Myanmar Investment Commission, a government body situated in Naypyitaw with 20 employees and under strong influence of Myanmar’s main business lobbying group, the Federation of Chambers of Commerce and Industry.
