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Myanmar rejigs Investment Commission
09
Jun '16
Myanmar government has rejigged its top investment clearing body, the Myanmar Investment Commission (MIC), responsible for approving major local and foreign investments, the President's Office said on Wednesday.

The new commission, comprising 11 members, will be chaired by Planning and Finance Minister U Kyaw Win. Commerce Minister U Than Myint will be its new vice president while U Aung Naing Oo, MIC secretary under the former government, retains his position in the new MIC.

The MIC usually meets several times a month to consider and approve a small number of investments, but has been out of action for more than 10 weeks.

Since the last meeting in March, when an unusually large number of projects were approved, foreign and local companies have submitted around 100 proposals for appraisal.

Most are for garment manufacturing and fishery products manufacturing.

Under the draft Myanmar Investment Law – a merger of the Foreign Investment Law and the Myanmar Citizens Investment Law – the MIC may become independent. At present, it answers directly to the President's Office.

In addition to paving the way for MIC independence, the Myanmar Investment Law is expected to ease some restrictions on business and support an increase in foreign investment.

Approved investment for 2015-16 fiscal hit $9.4 billion – the highest figure since 2010. Around $4 billion of this was approved in the final month in March when the MIC was dissolved at the end of the former government's term. (SH)

Fibre2Fashion News Desk – India

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