Laws Need to be Updated to Attract Foreign Investment: MIC Secretary

Foreign investment has been increasing in Myanmar, but for the trend to continue, the government needs to update some of its antiquated laws to protect investors, according to secretary of Myanmar Investment Commission.

“The existing laws in Myanmar have many weakness. Foreign investment relies on laws to protect them. First, they study law protections for their investments before they begin projects. They know the laws where there is weakness,” U Aung Naing Oo told Myanmar Business Today.

According to statistics of Pyidaungsu Hluttaw’s Commission for the Assessment of Legal Affairs and Special Issues, there are 397 laws under the management of 35 departments at the national level.

Most of laws in Myanmar were legislated 150 years ago during the late 18,00s including special law, regional law, drug law and other laws, according to a lawyer, U Win Shwe.

One such outdated law details fines for employers who break labour laws regarding overtime. The law, which hasn’t been updated in decades, charges employers who do not comply with overtime procedures a flat K500 fee.

“There are 5,000 sections in the laws. We have to amend and update old laws to welcome more foreign investment. Now the parliaments have been working to amend and update the laws,” U Win Shwe said.

According to submission of Pyidaungsu Hluttaw’s Commission for the Assessment of Legal Affairs and Special Issues to Pyidaungsu Hluttaw, there were previously 1,589 laws and 681 of those laws have been cancelled. There are 289 laws under amendment and 231 laws have been deactivated. The remaining 497 laws have yet to be amended.

The Union Attorney-General and the commission work together to amend laws in the parliament.

 

Source: Myanmar Business Today

 

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar