25 Nov 2016
MYANMAR: Ministerial Approval Scrapped for Non-Strategic Investment Projects
Non-strategic FDI projects will no longer require ministerial approval under new regulations set to be introduced by the Myanmar Investment Commission (MIC). This follows a recent legislative change that saw non-capital-intensive and non-strategic projects requiring only MIC endorsement – as opposed to prior approval – in order to proceed. Until now, however, such projects still needed ministerial consent.
In a further change, any project valued at less than US$5 million will no longer require even MIC endorsement, with both state and regional government bodies having the authority to give the go-ahead. As yet, no date has been announced for the adoption of the new regulations.
For related information see: MYANMAR: New Investment Regulations Offer Simplified Approval Procedures, Strategic Incentives and Extended Land Leases.