New Myanmar investment law is the ‘right move’
International lawyers have welcomed Myanmar’s new investment law, saying it will create a better investment environment for both local and foreign investors once enforced. Jo Daniels, managing partner of Baker & McKenzie Myanmar, said at a media roundtable that the new law could be one of Myanmar’s most significant legal reforms once approved by the parliament. While praising the move, she believes much of the benefits still hinge on the enforcement efforts of the Myanmar Investment Commission. The new law, a consolidation of existing Myanmar Citizen Investment Law and the Foreign Investment Law, introduces a new form of approval called MIC Endorsement, in addition to issuing MIC permits. If a company’s business activities do not fall under one of the restricted categories, it will not require an MIC permit to do business in Myanmar. Instead, they can apply for an MIC endorsement, which will provide the same benefits as an MIC permit such as long-term lease and tax incentives.
