Myanmar to draft two new investment laws

Myanmar is drafting a new investment law in which two existing laws governing domestic and foreign investment will be superseded, a semi-official media reported Sunday.

The draft Myanmar Investment Law-2015 is being developed in cooperation with the International Finance Corporation (IFC) aimed at modernizing Myanmar's rules and regulations on investment, the Directorate of Investment and Company Administration (DICA) was quoted by the Global New Light of Myanmar as saying.

The draft Myanmar Investment Law-2015, which consolidates and replaces the Myanmar Citizens Investment Law and the Foreign investment Law, comprises seven parts with 25 sections, the report said.

The DICA is inviting comments and feedback on the draft law setting a closing date for March 26.

According to official compiled statistics, contracted foreign investment in Myanmar reached 52.841 billion U.S. dollars with 859 foreign enterprises making the investment in the country as of the end of December 2014 since 1988.

Of the 37 countries and regions investing in Myanmar, China ranked the first in terms of value with over 14.493 billion USD , accounting for 27.43 percent of the total, followed by Thailand with 10.255 billion USD, Singapore with 8.336 billion USD and China's Hong Kong SAR with 6.955 billion USD.

The foreign investment covered the sectors of power, oil and gas, manufacturing, mining, transport and communication, hotels and tourist and real estate.

Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-old 1988 similar law and reformed its investment commission in June 2014 as part of its efforts to draw more foreign investment into the country in line with its reform drive. Endi