Myanmar Investment Commission (MIC) will remove unnecessary steps that may hinder smooth operations of businesses in the future, said Aung Naing Oo, secretary of Myanmar Investment Commission at a press conference at the Directorate of Investment and Companies Administration’s (DICA) office in Yangon on June 25.
“The MIC will relax restrictions and make procedures clearer for investors within legal boundaries,” he added.
Thaung Tun, Union Minister for the Office of Union Government becomes the new chairman and Set Aung, Deputy Minister for Planning and Finance, a new member.
“The new chairman met with officials from Australian Chamber of Commerce and Industry, US Chambers of Commerce, the British Chambers of Commerce and the European Union Chamber of Commerce, at Melia Hotel in Yangon on Friday. He elaborated on the MIC’s future processes.
“The MIC is reformed with the appointment of a new chairman. The MIC’s very first task is to streamline processes,” he added.
The MIC has to process the applications submitted by citizens or foreigners during 60 days since the submission date. The MIC gives the nod to applicants during 10 days. The MIC has to scrutinize the proposal during 30 days and then issue the order during 10 days.
According to the directive of the newly-appointed MIC chairman, the MIC will give the green-light to applicants, earlier than the designated period, he added.
The MIC held its meeting once a month. For that, the MIC will hold its meeting twice a month.
The President can directly appoint the MIC’s chair. There is no provision that the MIC’s chair must be the Ministry of Planning and Finance.