In accordance with the new Myanmar Investment Law (2016) ("MIL") and the recently passed implementing regulations Myanmar Investment Rules (2017), Notification No. 10/2017, Notification No. 11/2017, Notification No. 13/2017 and Notification No. 15/2017 ("Regulations"), the Myanmar Investment Commission ("MIC") would be appointed in a gatekeeper capacity to exclude investors deemed not to be of good character or irresponsible.
To invest in certain types of projects and sectors in Myanmar, foreign investors must apply for an investment permit from the MIC ("MIC Permit"). The MIC has discretion to deny the award of an MIC Permit in circumstances where violations have been brought to its attention or have been revealed through its own investigations.
Categories of investors which could potentially be denied an MIC Permit under the MIL and Regulations may include investors or associates of such investors who have previously violated environmental, anti-bribery, corruption, human rights, tax and labour laws in Myanmar or other jurisdictions. The MIL places particular emphasis on sustainability and conservation of the environment and natural resources.
Enforcement will depend largely on the meaningful participation by the public, relevant stakeholders, and the resources of the MIC and other governmental bodies.
Rory J. Lang, Duane Morris & Selvam LLP