Myanmar Investment Commission reformed to attract more foreign investors ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ®®®®®®®®®®®®®®®®®®®®®® Yangon, 29 May The Myanmar Investment Commission has been reformed with the appointment of a new chairman, the creation of a vice chairman position and the number of commission members increased from 11 to 13, a MIC official, who spoke on condition of anonymity, confirmed on Thursday following a notification released Wednesday. The move is aimed at attracting more foreign investment, he said. According to its new organizational setup, the commission will be chaired by Minister for Energy U Zeyar Aung, replacing U Win Shein, Minister for Finance, who was appointed as MIC chairman on 3 May, 2013. The new position of vice chairman will be held by Union Minister for Hotels and Tourism U Htay Aung who served as one of the members of the old 11-member commission. The commission also added Deputy Minister for Finance Dr Maung Maung Thein and Deputy Minister for National Planning and Economic Development Daw Lei Lei Thein as new members, with Director General of the Directorate of Investment and Company Administration U Aung Naing Oo appointed as secretary. No other members have been replaced, according to the official. The MIC, which is currently under the Ministry of National Planning and Economic Development, said it is making necessary arrangements to act as an independent organization like the Central Bank of Myanmar. This year, the MIC has given investment permission to local businessmen for 30 projects, while 60 went to foreign investors. Most foreign investment has so far been pumped into the transport and communication sectors, followed by manufacturing and real estate, according to reports. The new Foreign Investment Law was approved by parliament in November 2012. ®®®®®®®®®®®®®®®®®®®®®®®®®®®®®®®® ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
Posted on: Fri, 30 May 2014 04:13:08 +0000