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May 20, 2019

Granting right permits to right people key to protecting public interest

Last year, the Union Government launched the Myanmar Sustainable Development Plan, detailing the next wave of reforms for the country. The plan is designed to direct our country’s continued transition, along a common pathway, to ensure the emergence of a prosperous, peaceful, democratic federal Union.
The Union Government is committed to creating a more favorable, predictable, and friendly investment environment in the country, in line with the MSDP as well as the Myanmar Investment Promotion Plan.
To level the playing field for local and foreign investors, the concerned authorities have been given the responsibility of reviewing and inspecting permitted investments on state-owned lands, buildings, and businesses to check whether an investment is in line with the pledge or not. At the same time, it is up to officials to ensure that new projects on state-owned infrastructure benefit citizens.
State-owned infrastructure, including factories and the country’s natural resources, belongs to the people, and the government has to manage it properly to make sure it serves public interest rather than personal interests.
During a recent debate at the Pyithu Hluttaw, U Set Aung, the Deputy Minister for Finance and Planning and a member of the Myanmar Investment Commission, had said that the relevant ministries would take action against investors who have obtained state-owned lands, buildings, and businesses, but have failed to conduct work in accordance with their pledges.
To boost the country’s economy and its image as an investment destination, a transparent and competitive tender system must be used to grant permissions to competent investors.
The MIC and concerned ministries will conduct field surveys to make sure the agreements are followed strictly and, if required, review and renegotiate them altogether.
The authorities are trying to make certain only genuine investors obtain permission to lease state-owned lands and buildings.
It is also important that each investment business operates within the terms of the agreement.
To make sure the right permits are granted to the right people, the farsightedness and honesty of personnel from the management sector, responsible for giving permissions to investors, is key.
Malpractices must be avoided, and help must be given to investors so they can run their businesses smoothly.

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