The Myanmar Investment Commission (MIC) is a government-appointed body which is responsible for verifying and approving investment proposals and regularly issues notifications about sector-specific developments.The new Myanmar Investment Law changes the role of the MIC with fewer investment proposals requiring formal MIC approval and a new Endorsement process – whereby proposals are fast-tracked by being ‘endorsed’ by the MIC – now available to investors.The MIC is comprised of representatives and experts from government ministries, departments and governmental and non-governmental bodies. It has been formed under Myanmar Investment Law.
Objectives of MIC are as follows:
- To protect investors according to the new investment law promulgated by Union Hluttaw (Parliament)
- To safeguard environmental conservation
- To deeply emphasize on social impact
- To practise accounting and auditing in accordance with international standard in financial matters including transparency and accountability
- To create job opportunities
- To abide existing labour law
- To support corporate social responsibilities
- To transfer technology