The Myanmar Investment Commission (MIC) has expanded the list of businesses that can be wholly owned by foreign investors, in a recent directive.
Full foreign ownership can now be granted to 43 joint venture businesses with endorsement from relevant ministries, in several areas including mining, construction, construction material production, jewellery products, coal exports, hydropower and coal-fired power generation.
The oil and gas sector will remain a restricted area: all foreign investors must operate the business in Myanmar only through joint ventures with the Energy Ministry.
MIC also defines 21 industries that must be operated under special terms and conditions. For instance, cigarette production is permitted on the condition that the investors must use at least 50 percent local raw materials and 90 percent of the output must be exported. The Industry Ministry will supervise the industry.