New guidance—notification 26/2016—issued by the Myanmar Investment Commission updates the rules concerning economic activities with respect to foreign investment. The activities range from those that are prohibited, to those that are allowed under specific conditions (such as activities allowed only in the form of a joint venture with citizens of Myanmar).
Prohibited economic activities generally involve actions that would affect the watershed and water resources, religious or traditional places, and pasture land or farms.
There are changes to the types of activities that may be allowed as joint ventures with citizens of Myanmar. Previously listed items have been removed, and the new list does not include, for instance, the production and distribution of hybrid seeds or the manufacture of rubber products. These activities could potentially be conducted by a wholly foreign-owned entity.
Other changes concern ecotourism and the production and distribution of vaccines in Myanmar.
Read an April 2016 report [PDF 279 KB] prepared by the KPMG member firm in Myanmar: Alert on new MIC notification 26/2016
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