HomeMMBIZ NewsMIC Not “Dissolved”, Just Moving to Yangon

MIC Not “Dissolved”, Just Moving to Yangon

The Myanmar Investment Commission (MIC) has not been “dissolved” by a notification from the President’s Office as was raised in certain local media reports.

Local media earlier reported that “according to the President’s Office announcement No 41/2014 dated June 27” the President has dissolved the commission despite its recent revamp.

“There has merely been an internal housekeeping measure to regularise appointments of the current members,” locally-based law and tax advisory firm VDB Loi told in a briefing.

The law firm said the Myanmar Investment Commission (MIC) moved from Nay Pyi Taw to Yangon on July 9 in a measure to improve access to the central body which approves foreign investment.

“Effectively, there is no change of the function and composition of the MIC. The MIC is operating as normal, although clearly some packing and unpacking will need to be done,” VDB Loi, which worked closely with MIC in a significant number of projects, said.  

“Regardless of all the hassle, the MIC worked all through the day without missing a beat. At the MIC meeting today, a number of oil and gas projects were for example processed,” the law firm said. 

The MIC will keep a presence in Nay Pyi Taw as well, it added.

The so-called “Project Assessment Meetings”, which are key meetings in the process, will take place in the capital and in Yangon, depending on the case.

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