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December 14, 2018

Only effective rule of law will bring about change

For a nation to bring about development it is important that the rule of law is enforced. It carries with it many benefits. In countries that enforce the rule of law, there is a state of peace that ushers development while nations lacking rule of law have non-existent developmental progress.
State Counsellor Daw Aung San Suu Kyi recently spoke about the importance of rule of law and its effect on national development in her address at the Conference on the Justice Sector Coordination for Rule of Law. She said that genuine rule of law will bring a level playing field to both foreign and domestic businesses which will “encourage investment and drive our country’s development.”
Despite a mountain of challenges, Myanmar is working tirelessly to establish its rule of law and national peace. While the investment sector is taking some time to gain traction, there are growing prospects for both foreign and domestic investment. Up to the month of January in the 2017-2018 financial year foreign investments have checked in at USD 970 million and domestic investments amounted to Ks 3279 billion.
In the current financial year foreign investments in Myanmar are roughly at USD 5.2 billion with Singapore being the biggest investor, said the Myanmar Investment Commission. Till date, they have invested up to USD 4,955.474 million in Myanmar and combined with investments in Thilawa SEZ, the sum total investment reaches USD 5,235.764 million.
Potential investors want strong investment laws that will protect them and they want to know what kind of profit they will be making. On top of this, they are also concerned about the stability, peace and rule of law of the country they are considering investing in. Myanmar as a nation places emphasis on job creation, innovation, total revenue, market dominance, local commodity demand, technological adaptations, conservation of the natural and socio-economic environment, responsible investment, and adherence to existing laws.
Regardless of the complexity of the situation, Myanmar prioritizes rule of law, peace and stability and has seen improvements in investments coming into it. If we further enforce the rule of law, then both foreign and domestic businesses can work on the same level playing field and disputes will be resolved pursuant to established laws and procedures under a strong and transparent legal framework.
To develop and attract more investments we need strong rule of law, national stability and effective laws. These are not only the foundation for developing the investment sector but also for the development of the nation, which is why it is important for all Myanmar citizens to strive for national development in accordance with existing laws.
“If there is genuine rule of law, both foreign and domestic businesses can compete fairly. If they feel that the law is transparent and predictable, that there is a level playing field and that disputes will be resolved pursuant to established laws and procedures under a strong legal framework, this will encourage investment and drive our country’s development”, she said.

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