On 9 June 2016, the President's Office announced the new
members of the re-constituted Myanmar Investment Commission (the
"MIC"). The three year appointment term of the former
members of the MIC, which is responsible for approving both local
and foreign investments in Myanmar, had ended in March 2016,
leading to a break in the approval process for investments.
The appointees to the newly re-constituted MIC, which now has 11
members (previously 13), include the Planning and Finance Minister,
who will serve as chairman, and the Commerce Minister as vice
chairman. The other appointees are an ex-official from the
Directorate of Investment and Company Administration, an appointee
from the Securities and Exchange Commission, the joint secretary
general of the Union of Myanmar Federation of Chambers of Commerce
and Industry, and the permanent secretaries from the Ministry of
Planning and Finance, the Ministry of Natural Resources and
Environment Conservation, and the Ministry of Commerce.
Although the new appointees to the MIC have been generally
well-received, there is some concern that there is insufficient
private sector representation. Nonetheless, their appointment is a
welcome development for investors, as the MIC faces its first task
of dealing with the backlog of more than 100 investment proposals,
for both foreign and local projects that have been held up since
It is expected that the MIC will continue its role in supporting
the enactment of the proposed Myanmar Investment Law which is
intended to combine the Foreign Investment Law and the Myanmar
Citizens Investment Law. If passed, the Myanmar Investment Law,
which was prepared with the assistance of the International Finance
Corporation, is expected to lead to the transformation of the MIC
(which is currently under the President's Office) into an
independent body. The proposed Myanmar Investment Law will also
result in the removal of some foreign investment restrictions, and
is expected to strengthen the government's powers to protect
human rights and the environment.
Mayer Brown is a global legal services organization
comprising legal practices that are separate entities (the Mayer
Brown Practices). The Mayer Brown Practices are: Mayer Brown LLP, a
limited liability partnership established in the United States;
Mayer Brown International LLP, a limited liability partnership
incorporated in England and Wales; Mayer Brown JSM, a Hong Kong
partnership, and its associated entities in Asia; and Tauil &
Chequer Advogados, a Brazilian law partnership with which Mayer
Brown is associated. "Mayer Brown" and the Mayer Brown
logo are the trademarks of the Mayer Brown Practices in their
This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
This bulletin has links to media releases, reports, cases and legislation of interest to Queensland government lawyers.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).