Myanmar’s new investment law, endorsed by the country’s parliament in October 2016, took effect on April 1 with a view to creating favourable conditions for foreign investors, according to the Myanmar Investment Commission (MIC).

U Aung Naing Oo, secretary of the Myanmar Investment Commission. (Photo: frontiermyanmar.net)

The law details rules and regulations on land use, tax exemptions, arbitration and financial transactions. It was approved by the government on March 31, according to the Directorate of Investment and Company Administration (DICA).

The law, which was drafted in 2013 based on proposals from experts and businessmen with the help of the International Finance Corporation, combines the Foreign Investment Law drafted in 2012 and Citizens’ Investment Law drafted in 2013.

The MIC will release details of promoted and restricted sectors for foreign investment soon, said U Aung Naing Oo, MIC Secretary and Director General of DICA.

Some 6.87 billion USD of foreign direct investment from 135 foreign firms was poured into the Southeast Asian country in the fiscal year of 2016-2017.

(Source: VNA)