The Ministry of Investment and Foreign Economic Relations (MIFER) has conducted a review of Myanmar’s investment policy with the aim of restructuring and creating an attractive environment for local and foreign investors. The review, conducted with the help of the Organization of Economic Co-operation and Development (OECD), focused on infrastructure connectivity, building a green development investment framework, improving land use rights and enhancing the role of the economic zones, according to the MIFER. The outcome of the review, which is the second conducted in six years, will be released this month.
Although substantial progress has been made on the investment front since the first review in 2014, the reform momentum needs to be deepened for new investments to be viable and growth to be sustainable. This second review takes stock of Myanmar’s recent achievements and assesses the remaining challenges in attracting new investments with a view of enabling a responsible business environment and ensuring the benefits are shared with society. It places a strong emphasis on haw foreign investments can help Myanmar achieve the Sustainable Development Goals and improve the lives of the people of Myanmar, the OECD said.
The MIFER will seek to develop more Special Economic Zones and new industrial zones in strategic areas and sectors, and partnership with reputable, internationally experienced developers. Also, they will aim to modernize and expand fiscal incentives on offer under a revised Myanmar Investment Law and through a revised Myanmar Investment Promotion Plan. The OECD released the first Myanmar Investment Policy Review in 21014, as a result of which the Myanmar Investment Law and the Myanmar Companies Law were enacted to support and regulate further investments in the country. The first investment policy review included financial sector reform, investment promotion and facilitation, infrastructure development and responsible business practices.
Source: Myanmar Times