5 April 2017
Business community in Myanmar welcomed the prescription of Myanmar Investment Rules last month.
New Myanmar Investment Law was enacted in October last year which could help local and foreign investors to get access on tax exemption and long term leases of land.
The experts pointed out that the release of rules under the Investment Law could attract more investors.
Director of Research, Myanmar Development Institute ( Naypyitaw), Dr. Sean Turnell: “The passing of Myanmar investment rules is really important development. Many international investors have been waiting for this before making investment decision. And those rules make Myanmar very attractive place to invest.”
Managing Partner, Baker & Mckenzie Limited, Jo Daniels: “the rules have now passed and those rules putting place the actual time frame within which Myanmar Investment Commission will make decisions. The imposition of time frame is actually really important because it will foster investment in the country because if the people know the applications can be done quickly, they will have more confidence in the investment.”
The experts pointed out that Myanmar is one of the fastest growing countries to make investments. Myanmar’s economic growth is estimated with an average of 7 percent over the next five years.
They stressed that Myanmar needs to enact at least 3 laws that are important for the investors to have confidence in doing business.
Managing Partner, Baker & Mckenzie Limited, Jo Daniels: “One of the main challenges faced by the investors is uncertainty in the law. They don't like uncertainty because if they invest a lot of money in the country and then the law changes, they may not, they may lose investment or they may not make much money. So certainty in law is important. And that's why saying Myanmar investment law and the rules in place is really important thing for investor.”
Myanmar is expected to enact the Companies Registration Law and Intellectual Property Law within this year.