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.
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issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
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When passed, this Bill can provide certainty on the execution of existing and future ILUAs by native title applicants.
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