Myanmar reforms investment commission to boost foreign investment

Myanmar has reformed its investment commission as part of its efforts to draw more foreign investment into the country, local media reported Thursday.

A 13-member Myanmar Investment Commission (MIC) was re- established with Minister of Energy U Zayar Aung as chairman, replacing U Win Shein, minister of Finance, said the 7- Day Daily.

Minister of Hotels and Tourism U Htay Aung was appointed as vice Chairman of the MIC, while other members include deputy Minister of Finance Dr. Maung Maung Thein and deputy Minister of National Planning and Economic Development Daw Lei Lei Thein.

The MIC is to stand as an independent organization only under the Ministry of National Planning and Economic Development.

So far during this year, MIC has permitted nearly 30 projects for investment by local entrepreneurs, while 60 for investment by foreigners, the report said.

According to official statistics, Myanmar received 2.21 billion U.S. dollars in foreign investment in the first four months of 2014, with transport and communication sector leading in the line- up with 1.34 billion U.S. dollars, followed by manufacturing, real estate, hotel and tourism and mining.

The total foreign investment in Myanmar reached up to 46.48 billion U.S. dollars as of April 2014 since late 1988 when the country opened door to the world.

Myanmar promulgated its new Foreign Investment Law in November 2012 and the MIC was formed in 1994.

Source Xinhua

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