New Myanmar Investment Commission formed
The new Myanmar Investment Commission was formed on 8 June 2016 with 11 members. The Commission is chaired by Planning and Finance Minister U Kyaw Win and Commerce Minister U Than Myint has been named vice-president while U Aung Naing Oo, MIC secretary under the previous government, keeps the same position on the new commission. Other members include: Attorney General U Tun Tun Oo, Permanent Secretaries from the commerce, planning and finance and natural resources and environmental conservation ministries, a retired director of the General Administration Department, two representatives from the Directorate of Investment and Company Administration and one from the Union of Myanmar Federation of Chambers of Commerce and Industry.
According to secretary U Aung Naing Oo, the policies and rules on investment applications and approvals will remain unchanged under the new government. Although it currently answers directly to the President’s Office, the new MIC may become independent under the draft Myanmar Investment Law – a merger of the Foreign Investment Law and the Myanmar Citizens Investment Law. The new law is also expected to ease some restrictions on business and support an increase in foreign investment.
9 June 2016
Outbound money transfers from Myanmar are now easier
Western Union has launched outbound money transfer services this week. Thanks to these services, people in Myanmar will now be allowed to transfer up to US$3000 a day to more than 500,000 locations around the world through Western Union’s nine local agent banks—Kanbawza Bank, CB-Bank, AYA Bank, Yoma Bank, Myanmar Apex Bank, First Private Bank, Global Treasure Bank and Myanmar Oriental Bank. Customers can transfer money without opening a bank account. Despite convenience, Western Union Services are considered more expensive than the current informal system under which an agent in one country asks their counterparts in another to pay the beneficiary, sometimes on the same day, Quick and cheap, this system is widely used by migrant workers.
9 June 2016