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Myanmar new investment law takes effect

Myanmar’s new investment law, endorsed by the country’s parliament in October 2016, took effect on April 1 with a view to creating favourable conditions for foreign investors.
Myanmar new investment law takes effect ảnh 1U Aung Naing Oo, secretary of the Myanmar Investment Commission. (Photo: frontiermyanmar.net)
Hanoi (VNA) – Myanmar’snew investment law, endorsed by the country’s parliament in October 2016, tookeffect on April 1 with a view to creating favourable conditions for foreigninvestors, according to the Myanmar Investment Commission (MIC).

The law details rules andregulations on land use, tax exemptions, arbitration and financial transactions.It was approved by the government on March 31, according to the Directorate of Investment and CompanyAdministration (DICA).

The law, which was drafted in 2013 based on proposals from experts andbusinessmen with the help of the International Finance Corporation, combinesthe Foreign Investment Law drafted in 2012 and Citizens’ Investment Law draftedin 2013.

The MIC will release details of promoted and restricted sectors forforeign investment soon, said U Aung Naing Oo, MIC Secretary and DirectorGeneral of DICA.

Some 6.87 billion USD of foreign direct investment from 135 foreignfirms was poured into the Southeast Asian country in the fiscal year of2016-2017.- VNA

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