The Republic of the Union of Myanmar President Office has confirmed the new members of the Myanmar Investment Commission, MIC, chaired by U Kyaw Win, the Union Minister of Planning and Finance.
Kyaw Win (Chairman) – Union Minister, Ministry of Planning and Finance
Than Myint (Vice-Chairman) – Union Minister, Ministry of Commerce
Aung Naing Oo (Secretary) – Director General, Directorate of Investment & Company Administration (DICA)
Mya Thuzar (Joint-Secretary) – Deputy Director General of DICA (Retired)
Tun Tun Oo (Member) – Union Attorney General
Khin Maung Yee (Member) – Permanent Secretary, Ministry of Natural Resources and Environmental Conservation
Toe Aung Myint (Member) – Permanent Secretary, Ministry of Commerce
Tun Tun Naing (Member) – Permanent Secretary, Ministry of Planning and Finance
Htay Chun (Member) – Deputy Director General of DICA (Retired)
Kyaw (Member) – Director, General Administration Department (Retired)
Aye Lwin (Member) – Joint-Secretary, Union of Myanmar Federation of Chamber of Commerce and Industry
The Myanmar Investment Commission is a government appointed body, which is responsible for verifying and approving investment proposals, and regularly issues notifications about sector-specific developments. The MIC is comprised of representatives and experts from government ministries, departments and governmental and non-governmental bodies. It has been formed under the Foreign Investment Law and the Myanmar Citizen Investment Law.
The aims of the MIC include initiatives to protect investors guided by the new investment law decreed by Union Hluttaw (Parliament), to safeguard the environment and conservation, to facilitate accounting and auditing in accordance with international standards, to create job opportunities, to follow existing labour laws, to support corporate social responsibilities and to transfer technology.
The new Myanmar Investment Commission will review all outstanding foreign direct investment proposals this month.
Due to changes within the Myanmar Investment Commission (MIC), there have been 42 proposals for foreign direct investment (FDI) awaiting review. The MIC has confirmed they can now review these proposals, with announcements due by month end. (Please see our recent blog on changes within the MIC).
Due to changes in the Government and members retiring from the MIC, an announcement was awaited since 1st April to confirm the new MIC members. The MIC is tasked with officially approving foreign direct investments.
Reports indicate FDI totalled $23 billion from 2011 to 2015. Government forecasts indicate $8 billion for the financial year 2016-17.
This increase in the forecast further endorses the healthy and growing economy in Myanmar for all, especially companies and investors planning on entering Myanmar.
The MIC is a key component to operating in Myanmar and FocusCore sends their congratulations to the new members.
Myanmar is enjoying substantial growth and prosperity, news that is recognised worldwide. FocusCore opened in Myanmar in 2014 to help companies, both from overseas and those already in Myanmar, to prosper and grow.
If you seek advice on creating your company in Myanmar, corporate services, office space, recruitment and visas, do not hesitate to contact us. We are here to help.