Investors urge legislature to speed up new investment law
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Myanmar's business communities urged parliamentarians to speed up the approval of new foreign investment law as they and their foreign partners needed precise laws and regulations for the matter.
As the drafted new investment law is still in the parliament reading, officials from ministries and departments could provide foreign investors only notifications on land and currency exchanges.
“Potential investors asked about the Myanmar Foreign Investment Law. So far, we could only explain in general terms,” said Vice-Chairman of Myanmar Fisheries Federation U Hnin Oo.
“At the moment, we are answering questions by referring Notifications on the land use and the Notification on the foreign currency regulations.”
Myanmar’s current Foreign Investment Law was promulgated since 1988 when the junta State Law and Order Restoration (SLORC) was in power. It was already obsolete but the country remained no new one to replace.
The drafted new Myanmar Foreign Investment Law contained 19 chapters such as the title and definitions, the relevant economic sectors, the basic principles and disputes settlement.
“When the potential investor teams visited Myanmar, they bring along the legal advisors. The entrepreneurs will invest only when the legal advisors recommend for the investment. They usually evaluate whether the business climate would be favorable or not for them. They also weigh and assess on the advantage and disadvantages before actually investing in any country”, a Myanmar Marine Products Producers and Exporters Association’s Executive Member said.
