Finance sector watchers have waited on news about the liberalisation of Myanmar’s insurance sector for years.
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The SCM team recently attended the Ayeyarwady Region Investment Fair in beautiful Ngwe Saung. It was an initiative of the MIC, the Regional Government, JICA and JETRO and brought together senior officials from Union and Regional Ministries, trade commissioners, business leaders from domestic and foreign companies, business associations and investment professionals for an investment seminar, trade show, business matching event and series of site visits to leading projects in the area. SCM was there as both Myanmar investment advisers and as part of a capacity building project funded by GIZ to support the Investment Promotion Division of DICA. It was encouraging to see the MIC/DICA team coordinating effectively across Ministries and Regions to promote Myanmar’s improving investment climate and the comparative advantages of investing in this high potential region, and even better to see the private sector participants discussing opportunities and further reforms to bring growth, jobs and prosperity to the area. Congratulations to all on a job well done, and we look forward to working with DICA to further enhance their investment promotion services for the future.
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The Myanmar Companies Law re-registration deadline is looming. All existing Companies - including foreign Rep Offices/Branches – must re-register by 31 January 2019. Has your business met the new requirements?
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Did you know provisions of the New Myanmar Companies Law also apply to State Owned Enterprises? Delighted to have presented a targeted Workshop on the Myanmar Companies Law for the Union Attorney General’s Department in Naypyidaw recently, together with my fellow SCM Legal Partners, Chris Hughes and Min Min Ayer Naing.
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The Myanmar Government has followed up this week’s blockbuster Companies Law reform by announcing details of incremental liberalising measures to allow greater foreign participation in import/export - trading business and trade finance. Foreign bank participation in retail financial services and more foreign banking licences are also on the way. We’re hoping to see growth in non-bank financing too.
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