Myanmar kicks off investment law modernisation

[Nyi Nyi ®]

Until March 26, the Myanmar government will welcome civil society consultations on a new investment law, which will combine the Myanmar Citizens Investment Law and the Foreign Investment Law.

Titled "The Investment Law of the Republic of the Union of Myanmar", the law was drafted in cooperation with the World Bank's financial arm, the International Finance Corporation (IFC).

The draft was completed months after the release of a World Bank survey in October. The Enterprise Survey suggests that Myanmar needs to embark on more reforms if the private sector is to play a greater role in driving the economy forward.

"The early findings of the Enterprise Survey tell us that reforms of Myanmar's investment climate are urgent across a number of areas. For the private sector to contribute fully to the well-being of Myanmar and its people, the identified constraints need to be addressed," the report said.

"We learn that for the ambitious economic reforms to be successful, the government itself still needs to complete a shift in how it interacts with the economy. Instead of the state being the primary actor, the most urgent business is the provision of a level playing field and of fair, transparent oversight for all. Completing this change is neither easy nor quick."


Read more on http://www.nationmultimedia.com/aec/Myanmar-kicks-off-investment-law-modernisation-30255535.html