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MIFER holds coordination meeting

The Ministry of Investment and Foreign Economic Relations organized a coordination meeting on facilitation in businesses in accordance with the directives of State Administration Council yesterday. During the meeting, Union Minister U Aung Naing Oo briefed the coordination meeting and highlighted the main focus of business sector during the short-term governance of government. In the speech to public made by State Administration Council Chairman Senior General Min Aung Hlaing, it included revival of state economy, invitation of local and foreign investments, promotion of bilateral relation between alliance countries and those interested in Myanmar, following of agreements in line with the law, giving permits to businesses which have been approved in policy by the previous government as quickly as possible and development of farming sectors and export sectors. He also said Myanmar is also one of the countries that face economic impacts of COVID-19 and instructions are being made to revive the economy.

The unpractical ways and some things of existing law and procedures that can be obstacles in businesses will be revised and amended. He then discussed the facilitation of investment, delay reduction in departmental processes, capacity building of relevant departments, Streamlining and Simplifying Procedures, Maximizing Online Services, Assuring aftercare services, Reducing Regularoty Burden, providing information in a timely manner and Transparency Enhancement recognized as SMART Programme. He also said approval seeking step at the department will be relaxed in permitting the investment and quick response must be made by the relevant departments, if necessary. As the first procedure, negotiations between the ministries will be conducted to revise and relax the Standard Operating Procedures (SOP) regarding the investment. For the second procedure, the One Stop Service (OSS) Centre of Myanmar Investment Commission will be also revised like the OSS of Thilawa SEZ.

The senior officers of ministries assigned at OSS are needed to be fully authorized in accordance with the law and procedures to become effective and quality OSS. The third procedure is granting liceces and permits. Some of the licences and permits are needed to scrutinize for business fields and they are essential ones according to the laws and rules while some of the licenses and permits are at Low Risk. Similarly, some permits and licences are made although they are not required at all. Therefore, granting permits and licences will be conducted in line with the law. He then discussed the duties of ministry for investment sector to negotiate between ministries and firms and work pans to permit the delayed investment in accordance with the existing law and procedures. The meeting was attended by Deputy Minister of Investment and Foreign Economic Relations U Than Aung Kyaw and other officials of relevant ministries including Nay Pyi Taw Development Committee, YCDC, MCDC and Yangon Electricity Supply Corporation.

Source: The Global New Light of Myanmar