New in­dus­trial law drawn up ahead of AEC

The Myanmar Times - - Business - CHAN MYA HTWE chan­myahtwe@mm­times.com – Trans­la­tion by Khant Lin Oo

AN in­dus­trial pol­icy to bring Myan­mar into the 21st cen­tury will be pre­sented to par­lia­ment, with the aim of up­dat­ing the law to equip the coun­try to bet­ter com­pete in the ASEAN Eco­nomic Com­mu­nity.

Min­istry of In­dus­try as­sis­tant sec­re­tary U Myo Zarni Win told The Myan­mar Times that the new law would sup­port, pro­tect and pro­mote the coun­try’s in­dus­tries by amend­ing ex­ist­ing leg­is­la­tion that is now out of date.

“Ex­ist­ing laws spec­ify in­vest­ment lev­els, the size of the labour force, elec­tric­ity sup­ply and so on in ways that are no longer ap­pro­pri­ate for the mod­ern age. We have pre­sented a re­vised and up­dated law to the hlut­taw,” he said.

The pro­posed in­dus­trial pol­icy en­vis­ages that in­fra­struc­ture would be built with a mix of do­mes­tic and de­vel­op­ment part­ner fi­nance.

Pri­or­ity would be given to labour­in­ten­sive in­dus­tries, in­clud­ing ba­sic food pro­duc­tion and low-de­mand tech­nol­ogy-based man­u­fac­tur­ing that could be com­pet­i­tive within a short pe­riod of time.

An In­dus­trial Sup­port Com­mit­tee would be formed with staff from the rel­e­vant min­istries to smooth ac­cess to in­dus­try reg­is­tra­tion, tax breaks and the in­tro­duc­tion of tech­nol­ogy.

Pro­vi­sion will also be made for the sup­port of heavy, medium and small in­dus­tries by re­vis­ing ex­ist­ing leg­is­la­tion gov­ern­ing in­vest­ment and labour con­di­tions, U Myo Zarni Win said.

“We want to present the draft law to hlut­taw as soon as pos­si­ble. When Myan­mar en­ters the ASEAN Eco­nomic Com­mu­nity, we will have to be able to com­pete, or our econ­omy will suf­fer.”

The new law is ex­pected to be adopted in stages, sup­plant­ing ex­ist­ing leg­is­la­tion. The nec­es­sary by-laws will then be en­acted for the im­ple­men­ta­tion of the law, which is based on a draft sub­mit­ted un­der the pre­vi­ous gov­ern­ment.

‘When Myan­mar en­ters the AEC, we will have to be able to com­pete.’ U Myo Zarni Win Min­istry of In­dus­try

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