The Myanmar Investment Commission will be transformed to function as an independent body after amalgamating the country’s two investment laws, says the commission’s secretary U Aung NaingOo. The Myanmar Investment Commission or MIC is a government-appointed body set up under the Ministry of National Planning and Economic Development in April 1994.
“The reason to transform is that there are already successful stories of independent government organizations, which can attract and manage foreign investment effectively in Indonesia, Thailand, and other developed countries,” said U Aung NaingOo, who is also director general of the Directorate of Investment and Company Administration. Another reason for the transformation is that it is now hard to plan investment promotion activities in overseas countries to attract foreign investment because the central government has yet to allocate budget for the MIC to operate promotional activities, he said.
Currently, the MIC has to depend on a portion of the overall total budget of the Ministry of National Planning and Economic Development.
There will be certain duties and responsibilities of an independent MIC in the single Myanmar Investment law after amalgamating the new Foreign Investment Law, which was enacted on November, 2012, and the new Myanmar Citizens Investment Law, which was enacted on July, 2013,
“After standing as an independent entity, MIC will be an efficient and strong body. There will also be a certain budget allocated for the MIC,” said U Aung NaingOo.