More Offices in Yangon to Open as Govt Unveils New Investment Law
24 Oct 2016 – Myanmar announced a new investment law this month, which combines two separate existing investment laws that will bring foreign firms closer to a level playing field with local competitors. Foreign investors welcomed the new law, which was signed into force only days after the U.S. ended its long-standing sanctions program, but local firms were quick to point out that local businesses in many industries in Myanmar still need protection, as the country attempts to modernize a fast-changing-but-small economy that is still largely dominated by govt-affiliated or crony-owned enterprises.
While there are notable changes in the law that will help foreign investors, the final impacts of this law will not be fully understood until DICA have finished drafting new policies for businesses to follow. The deadline for those updated policies is set as no later than March 2016, according to Irrawaddy Magazine, but could come in as little as 3 months.
What is most important, though, is that an updated investment law was finally ratified, showing the government’s commitment to moving the economy forward. This will positively impact investor sentiment.
Coupled with the liberalization of both the banking and insurance industries plus the removal of US Sanctions, these changes are sure to increase the number and size of opportunities in Myanmar for foreign investors and businesses.
To explore opportunities, email Travis@theMDLcompany.com.
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