The Myanmar Investment Commission (MIC) has appointed the country’s energy minister as its new chairman and added a vice chairman position in addition to boosting the total number of members from 11 to 13.
The shuffle comes in an effort to facilitate the rising number of MIC permit applications for foreign investment in Myanmar, a source with close knowledge of the matter told Myanmar Business Today.
The Commission was re-established with Minister for Energy U Zayar Aung as chairman, replacing U Win Shein, minister for Finance.
Minister for Hotels and Tourism U Htay Aung was appointed as the vice Chairman of MIC, while other members include Deputy Minister for Finance Dr Maung Maung Thein and Deputy Minister for National Planning and Economic Development Daw Lei Lei Thein.
The secretary position will be filled by the Director General of the Directorate of Investment and Company Administration U Aung Naing Oo.
So far during this year, MIC has permitted nearly 30 projects from local entrepreneurs, while 60 from foreigner investors were given the go-ahead.
According to official statistics, Myanmar received $2.21 billion in foreign investment in the first four months of 2014, with transport and communications sectors leading the pack with $1.34 billion, followed by manufacturing, real estate, hotel and tourism, and mining.
The total foreign investment in Myanmar reached up to $46.48 billion as of April. Myanmar enacted a new Foreign Investment Law in November 2012 and the MIC was formed in 1994.