Myanmar is now open for business
During a meeting with four chambers of commerce in Yangon on June 22, U Thaung Tun, the new chair of the Myanmar Investment Commission (MIC), reinforced intentions to “turn Myanmar into a major regional trade and investment destination.”
The new chair, who officially replaced U Kyaw Win as head of the MIC on June 16, stressed that the body will be transparent, efficient and investor-friendly under his leadership.
In his first gesture towards upholding that promise, U Thaung Tun said one of his top priorities will be to carry out the so-called MIC endorsement under the new Myanmar Investment Law. This involves setting “strict time limits” for processing business permit applications with the MIC, which will be “substantially” reduced from the current minimum of 60 days.
U Thaung Tun stressed the importance of legal reforms in opening up the Myanmar economy, including the enforcement of the Myanmar Companies Law on August 1. In that connection, the Directorate of Investment and Company Administration (DICA) has also announced June 22 that all registered companies and entities under the 1914 Myanmar Companies Act and the 1950 Special Company Act are required to re-register on the newly established Myanmar Companies Online electronic registry during the 6 month period between August 1, 2018 to 31 January 2019.
He also touched on on Myanmar’s efforts to diversify and raise its exports under the National Export Strategy, highlighting the benefits for foreign investors who set up manufacturing bases in Thilawa Special Economic Zone.
“I would like to underscore that Myanmar has enormous potential and that the time is ripe to invest in the country,” U Thaung Tun said, adding that the MIC will strive towards ensuring “win-win situations” for both the government and foreign investors in Myanmar.
“Myanmar is now open for business.”