• Myanmar's New Foreign Investment Legal Regime
  • March 28, 2013
  • Law Firm: Jones Day - Cleveland Office
  • On January 31, 2013, the Directorate of Investment and Company Administration ("DICA") of the Myanmar Ministry of National Planning and Economic Development (the "NPED Ministry") published on its web site the Foreign Investment Rules and the Classification of Types of Economic Activities Notification (collectively, the "Rules") pursuant to Myanmar's new Foreign Investment Law (the "FIL"). Like the FIL itself, the Rules reflect a Myanmar that is eager for foreign investment having, among other things, invited bids for 18 onshore oil and gas blocks in Myanmar's second international petroleum licensing round. They come as part of a series of economic and political reforms as foreign investors and governments begin re-engaging with Myanmar in earnest following the relaxation of American and European economic sanctions against Myanmar. Companies as diverse as Nestle, ANZ, and GE have announced plans to begin or expand operations in Myanmar-MTV even held a televised concert in Yangon.