Myanmar to release new investment law by next year
Myanmar will get its official investment regulation framework by end-March or early April next year when the by-laws of the country’s investment law are expected to come into force, Maung Maung Win, deputy minister of national planning and finance, said.
The law, enacted recently, combines the Myanmar Citizens Investment Law and the Foreign Investment Law.
“Normally it takes at least three months to release rules and regulations following a law,” Maung Maung Win said.
“If there is a delay, we will finish by the end of this fiscal year, at the end of March,” he added.
For foreign investors, the rules stipulate which business types would need to enter a local joint venture and which could be completely foreign-owned. Though the Myanmar Investment Commission (MIC) is granting permits for routine applications, the by-laws are required to clarify the government’s position on investments covered by section 37 of the investment law. These are defined as businesses that are strategically important for the country.
The business community expects that the rules and regulations will include information on which industries to invest in, on government incentives and which areas the government or the MIC will be overseeing.
According to date from the Myanmar Directorate of Investment and Companies Administration (DICA), pledged foreign direct investment into Myanmar from April to September this year was $1.4 billion, while in the same period of 2015 was $3 billion.
The government meanwhile developed a variety of investment plans including technology in the agricultural sector, new payment cards to be issued by banks, support for the local business community to invest in health care, as well as new infrastructure projects.
Myanmar will get its official investment regulation framework by end-March or early April next year when the by-laws of the country’s investment law are expected to come into force, Maung Maung Win, deputy minister of national planning and finance, said. The law, enacted recently, combines the Myanmar Citizens Investment Law and the Foreign Investment Law. “Normally it takes at least three months to release rules and regulations following a law,” Maung Maung Win said. “If there is a delay, we will finish by the end of this fiscal year, at the end of March,” he added. For foreign investors, the...
Myanmar will get its official investment regulation framework by end-March or early April next year when the by-laws of the country’s investment law are expected to come into force, Maung Maung Win, deputy minister of national planning and finance, said.
The law, enacted recently, combines the Myanmar Citizens Investment Law and the Foreign Investment Law.
“Normally it takes at least three months to release rules and regulations following a law,” Maung Maung Win said.
“If there is a delay, we will finish by the end of this fiscal year, at the end of March,” he added.
For foreign investors, the rules stipulate which business types would need to enter a local joint venture and which could be completely foreign-owned. Though the Myanmar Investment Commission (MIC) is granting permits for routine applications, the by-laws are required to clarify the government’s position on investments covered by section 37 of the investment law. These are defined as businesses that are strategically important for the country.
The business community expects that the rules and regulations will include information on which industries to invest in, on government incentives and which areas the government or the MIC will be overseeing.
According to date from the Myanmar Directorate of Investment and Companies Administration (DICA), pledged foreign direct investment into Myanmar from April to September this year was $1.4 billion, while in the same period of 2015 was $3 billion.
The government meanwhile developed a variety of investment plans including technology in the agricultural sector, new payment cards to be issued by banks, support for the local business community to invest in health care, as well as new infrastructure projects.
