The Myanmar Investment Commission or MIC is a government-appointed body set up under the Ministry of National Planning and Economic Development in April 1994.

“The reason to transform is that there are already successful stories of independent government organizations, which can attract and manage foreign investment effectively in Indonesia, Thailand, and other developed countries,” said U Aung Naing Oo, who is also director general of the Directorate of Investment and Company Administration.

He said that another reason for the transformation is because it is now hard to plan promotional activities to attract foreign investment in overseas countries because the central government has yet to allocate a budget for the MIC to operate promotional activities.

Currently, the MIC has to depend on a portion of the overall total budget of the Ministry of National Planning and Economic Development, he said.  

An independent MIC will have certain duties and responsibilities under the single Myanmar Investment Law, which will result from the amalgamation of the  Foreign Investment Law enacted in November, 2012, and the Myanmar Citizens Investment Law enacted in July, 2013, he said.

“After standing as an independent entity, MIC will be an efficient and strong body. There will also be a certain budget allocated for the MIC,” said U Aung Naing Oo.

Asked by Mizzima whether the MIC will become independent before the end of the current government's tenure, he said that would depend on how quickly the two investment laws can be amalgamated into a draft law. That will then be submitted to the Hluttaw at the end of this year and its ratification will depend on the agenda of the coming Hluttaw.  

U Than Maung, a member of Pyithu Hluttaw Commission for Assessment of Legal Affairs and Special Issues told Mizzima on 24th October: “Currently, the amalgamation of two investment laws is just in the draft phase. I think it’s impossible to transform it into an independent MIC within one year.”  

“An independent MIC will not have to wait for orders from higher government officials anymore. It is crucial that after becoming independent the MIC are empowered to oversee the decisions and activities of all the government ministries concerned with foreign investments. It is also necessary to acquire competent and qualified staff for the body,” said U Than Maung, who is also the principal legal manager of Kelvin Chia Yangon Limited, an affiliate of Singapore-based Kelvin Chia law firm.

The MIC was chaired by President Office Minister U Soe Thein from 2010 to 2013. He was replaced with the Minister for Finance U Win Shein on 3rd May, 2013. Since 28th May 2014 the 13-member Myanmar Investment Commission includes the Minister of Energy U Zayar Aung, as chairman,as well as Deputy Minister of Finance Dr. Maung Maung Thein and Deputy Minister of National Planning and Economic Development Daw Lei Lei Thein.