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Yangon, 18March 2017– Myanmar’s new regulatory environment was creating a level playing field for local and foreign investors, the Chairman of the Myanmar Investment Commission and Union Minister for Planning and Finance, U Kyaw Win said today.
U Kyaw Win told about 200 delegates to a conference in Yangon that a successful resolution of the peace process was essential because it was important that all regions had an equal opportunity to develop and contribute to the country’s economic growth.
The MIC Chairman said Myanmar faced challenges with its Budget and trade deficits and the poverty in regional areas and addressing these issues was a priority for the Union Government.
However, U Kyaw Win said it was time to turn Myanmar’s challenges into opportunities and foreign investors could play a major role in that process.
He emphasized that market mechanisms were the best way to achieve the competition in the economy that would contribute to growth and benefit consumers.
The Chairman said governments should not be doing business and it was the private sector that should play the key role in developing Myanmar’s economy.
He said the Government would be transferring State-owned enterprises to the private sector over time but would need to consider job opportunities for workers and retirement benefits in that process. The Chairman invited the foreign business community to consider investing in Myanmar and said the Government was ready to address any problems they might encounter.
Then, the Secretary of the Myanmar Investment Commission (MIC) and Director General of Directorate of Investment and Company Administration (DICA) updated the Investment Climate of Myanmar.
Myanmar will exceed its target of attracting foreign investment of US$ 6 billion in 2016-17, the Director General of the Directorate of Investment and Company Administration, U Aung Naing Oo, said today.
The Director General told a large gathering of international business people at the Novotel Yangon Max Hotel on 18 March that Foreign Direct Investment (FDI) as of February 2017 was US$ 6.27 billion which is more than the target of US$ 6 billion per year for the period 2016-2020 as set out in the Mid-Term Goal of Foreign Direct Investment Promotion Plan (FDIPP).
He also explained the regulatory reform measures that will create a level playing field between foreign investors and local investors, and be compatible with regional integration commitments in ASEAN.
The Myanmar Investment Law (MIL) was enacted in October 2016. With the aim to implement the MIL in new fiscal year 2017-18, efforts are being made to issue the Investment Rules, Negative List of Business Activities and Promoted Sectors for investors before the end of March, 2017.
The next stage of the regulatory reform, the redrafting of Myanmar Company Law, has already been submitted to the Bill Committee to kick off the discussion in upcoming Session of the Hluttaw.
“If the Myanmar Investment Law and the Myanmar Company Law come into effect, they will help streamline the company procedures, lower compliance costs, facilitate investments in Myanmar and provide more protection for investors,” U Aung Naing Oo said.
The meeting with the international business community was attended by H.E. U Kyaw Win, Chairman of the Myanmar Investment Commission (MIC) and Union Minister for Ministry of Planning and Finance, H.E. U Thaung Tun, National Security Advisor for the Union Government, Departmental personnel, foreign investors who are operating businesses under MIC permit and representatives from Foreign Chamber of Commerce Associations.