The Myanmar Investment Law 40/2016 (MIL) is the key law regulating and promoting investment in Myanmar. The MIL provides investors with tax incentives and allows foreign investors to enter into long term land leases.
The MIL creates a statutory authority, the Myanmar Investment Commission (MIC). The members of the MIC have the same tenure as the Government and must be constituted within two months of a new government being formed. Without the MIC being formed new investment projects cannot be issued with any permits or endorsements and any other approvals under the law cannot be given.
The State Administration Council notification 3/2021 has constituted the MIC effective from 4 March 2021, with the following members:
Chairman
Lt-Gen Moe Myint Tun
Member of the State Administration Council
Deputy Chairman
U Aung Naing Oo
Union Minister of the Ministry of Investment and Foreign Economic Relations
Members
U Khin Maung Yi
Union Minister of the Ministry of Natural Resources and Environmental Conservation
Dr. Thida Oo
Union Attorney General of the Union Attorney General Office
U Nyunt Aung
Deputy Minister of the Ministry of Commerce
U Win Thaw
Deputy Governor of the Central Bank of Myanmar
U Kyaw Min Oo
Permanent Secretary of the Ministry of Agriculture, Livestock and Irrigation
U Min Htut
Director General of the Internal Revenue Department, Ministry of Planning, Finance and Industry
Secretary
U Thant Sin Lwin
Director General of the Department of Investment and Company Administration, Ministry of Investment and Foreign Economic Relations
Still to be appointed are the state and regional investment committees, these are responsible to approve investments with a value of less than USD 5 million or MMK 6 billion in their respective state or region.