Yangon – As prescribed in the investment law, Myanmar Investment Commission—previously under control of the President—was officially re-organized by the union government after the President Office had announced the former’s dissolution.
“The commission has been reorganized for more than ten days-with the same group of people,” said Dr. Aung Tun Thet, a MIC member and the President’s Economic Advisor.
As per the order from the President, on May 28th, MIC—previously under the Ministry of National Planning and Economic Development—was organized with 13 members as a separate entity under the President’s Office leadership.
The reshuffling of MIC involved many changes including the chairman. With insufficient time to devote to MIC, U Win Shein, Minister for Finance and Revenue, stepped down as chairman for U Zeyar Aung, Minister for Energy. This rearrangement drew some criticisms.
“U Win Shein already has too much on his plate at his original post. Changing and drafting laws would only add more to his workload so we had to arrange this change,” said U Aung Naing Oo, secretary to MIC.
Now MIC is an independent organization and is planning to move its head office to Yangon from Naypyidaw in order to make registration for foreign and local investors more convenient.