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Myanmar's investment law approved by Parliament


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Myanmar's investment law approved by Parliament

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YANGON: -- Myanmar's Parliament approved a new investment law last week after months of deliberation, replacing interim laws passed earlier in the term of President Thein Sein, The Irrawaddy reported.

The law, which combines the 2012 Foreign Investment Law and the 2013 Myanmar Citizens Investment Law, alters the mandate of the Myanmar Investment Commission (MIC) and adds some nominal human rights protections to future foreign investment projects, among other changes.

Under the changes approved on Thursday, the Myanmar Investment Commission (MIC) is now authorized to delegate, pending national approval, investment decisions to divisional and state authorities. There will also be more coordination between regional and Union governments on investment decisions.

Khine Maung Yi, a Lower House lawmaker, said that although differences of opinion between the Lower and Upper houses had been resolved, there were other important economic bills that needed the approval of Naypyidaw before the new parliament is seated at the end of January.

Though the bill is expected to attract more international investors to the country, Hlaing Tharyar Industrial Zone chairman Myat Thin Aung complained that the bill gave preferential treatment to foreign operators, noting that prospective local partners were not given the same five-year tax exemption provisions under the law.

Source: http://englishnews.thaipbs.or.th/myanmars-investment-law-approved-by-parliamant

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-- Thai PBS 2015-12-21

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