No in­de­pen­dence yet for MIC

The Myanmar Times - - Front Page - HTIN LYNN AUNG htin­lyn­naung@mm­

The Myan­mar In­vest­ment Com­mis­sion is look­ing at re­lax­ing re­stric­tions on for­eign in­vest­ment and di­rect­ing more cap­i­tal flows into man­u­fac­tur­ing and in­dus­try. But the gov­ern­ment has de­cided that the MIC will re­main un­der min­istry con­trol.

MYAN­MAR’s new gov­ern­ment will not al­low the Myan­mar In­vest­ment Com­mis­sion to be­come an in­de­pen­dent en­tity, but the MIC is plan­ning to amend its poli­cies to re­lax in­vest­ment re­stric­tions and di­rect more cap­i­tal flows into man­u­fac­tur­ing, its sec­re­tary U Aung Naing Oo has said.

There have been dis­cus­sions about an in­de­pen­dent MIC for sev­eral years. U Aung Naing Oo said the pre­vi­ous ad­min­is­tra­tion had planned to al­low the MIC, which is tasked with ap­prov­ing for­eign in­vest­ment, to be in­de­pen­dent from what was then the Min­istry of Na­tional Plan­ning and Eco­nomic De­vel­op­ment.

“Or­gan­i­sa­tions like MIC work in­de­pen­dently in most coun­tries with di­rect con­nect to the pres­i­dent and cabi­net mem­bers,” U Aung Naing Oo said.

But the new gov­ern­ment made a de­ci­sion that MIC will stay un­der the au­thor­ity of the Min­istry of Plan­ning and Fi­nance, and the req­ui­site laws have been amended to re­flect that po­si­tion, he added.

U Aung Naing Oo was speak­ing at a fo­rum on pro­mot­ing busi­ness co­op­er­a­tion be­tween South Korea and Mekong coun­tries Cam­bo­dia, Laos, Myan­mar, Thai­land and Viet­nam held on June 30.

The fo­rum was or­gan­ised by Myan­mar’s Direc­torate of In­vest­ment and Com­pany Ad­min­is­tra­tion.

The MIC is dis­cussing new poli­cies that would give more pri­or­ity to the man­u­fac­tur­ing and in­dus­trial sec­tors when grant­ing busi­ness li­censes, and dis­cour­age per­mits for for­eign in­vest­ment in nat­u­ral re­sources and ex­trac­tive in­dus­tries, U Aung Naing Oo said.

The com­mis­sion is also propos­ing re­lax­ing re­stric­tions on in­vest­ment con­tained in the draft Myan­mar In­vest­ment Law, which will be put for­ward in the next par­lia­men­tary ses­sion, he said.

The draft law is a com­bi­na­tion of the ex­ist­ing For­eign In­vest­ment Law and the Myan­mar Cit­i­zens In­vest­ment Law.

“We have con­sid­ered which amend­ments should be made in re­gard to re­lax­ations and we will try to sub­mit the new bill to the com­ing par­lia­ment,” said U Aung Naing Oo.

– Trans­la­tion by Zar Zar Soe

‘Or­gan­i­sa­tions like MIC work in­de­pen­dently in most coun­tries.’

U Aung Naing Oo MIC Sec­re­tary

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