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The Pyidaungsu Hluttaw (Union Assembly) of Myanmar enacted a number of important laws in 2012 including needed reforms of labor laws, foreign exchange, and environmental conservation.
The law that garnered the most attention, by far, was Myanmar’s long awaited new Foreign Investment Law (FIL) which came into effect on November 2, 2012, with a number of amendments suggested by President Thein Sein being incorporated in the version passed into law. The FIL clarifies some issues for investors and creates new incentives for investment in Myanmar. Yet, it also extends the powers and remit of the Myanmar Investment Commission (MIC”), whose task is to approve and oversee foreign investment. Read Baker & McKenzie’s Myanmar Center’s analysis of the law by clicking here. Further information is available from the Myanmar Center. Please see the Baker & McKenzie Myanmar Center February Newsletter for a list of pending bills. Key laws promulgated in 2012 were:
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Author
Chirachai Okanurak
Author
Pornapa Thaicharoen