Govt reforms will see foreign investment flow into Myanmar: Finance Minister
Govt reforms will see foreign investment flow into Myanmar: Finance Minister
Myanmar Times, 15 Sep 2016
URL: http://www.mmtimes.com/index.php/business/22540-govt-reforms-will-see-foreign-investment-flow-into-myanmar-finance-minister.html
Speaking to hundreds of local and foreign business leaders at the opening of the 5th Euro money Myanmar Global Investment Forum in Nay Pyi Taw on September 13, Union Planning and Finance Minister, U Kyaw Win said Myanmar had only just begun to open up to the world.
The country has learned from its neighbours, U Kyaw Win said, and was embracing an economic policy of strong and inclusive growth across the nation while ensuring a path of environmental sustainability.
With assistance from the Asia Development Bank, the government is updating its company law, and with assistance from the International Finance Corporation, the Myanmar Investment Commission (MIC) has drafted legislation to govern foreign and domestic investment, he said.
Under the new legislation, investors will be granted different levels of exemption depending on the type of business and its location. In addition, the new law will allow the MIC to delegate power to regional authorities to approve domestic investment with a view to creating job opportunities and spurring regional development. The process of granting approval for some projects would also be streamlined.
The country has learned from its neighbours, U Kyaw Win said, and was embracing an economic policy of strong and inclusive growth across the nation while ensuring a path of environmental sustainability.
With assistance from the Asia Development Bank, the government is updating its company law, and with assistance from the International Finance Corporation, the Myanmar Investment Commission (MIC) has drafted legislation to govern foreign and domestic investment, he said.
Under the new legislation, investors will be granted different levels of exemption depending on the type of business and its location. In addition, the new law will allow the MIC to delegate power to regional authorities to approve domestic investment with a view to creating job opportunities and spurring regional development. The process of granting approval for some projects would also be streamlined.