November 17, 2017

MIC refuses to comment on Myakyunthar Park project in Yangon

Daw Cho Cho Win, Deputy Director- General of Myanmar  Investment  Commission.
Daw Cho Cho Win, Deputy Director-
General of Myanmar
Investment
Commission.

Myanmar Investment Commission does make any remark on the Myakyunthar Park project which is under public criticism and media coverage recently.
The Deputy Director General Daw Cho Cho Win of MIC said the commission does not intervene in the land rental prices, but issue permits for a suitable period.
Daw Cho Cho Win said, in an interview, that land lease permit in Myanmar is now 50 consecutive years and it can be extended by 10 years two times, totally 70 years, depending on the type of business after the two laws of the Foreign Investment Law in 2012 and the Myanmar Citizens Investment Law in 2013 were enacted.
She also said any proposal was not submitted to MIC for the park development project, adding that it is a lawful option for investor.
The deputy director general noted that any proposal to MIC will be considered on the facts of employment opportunities, industrial technology and environmental impacts.
She added the Myakyunthar Park project is reportedly known that it is under the management of Yangon City Development Committee, and that the commission does not make any comment on this project.
She also said MIC is facilitating the investors through one-stop-service after scrutinizing the investments not to damage social, cultural and environmental situations of the country.
The Ministry of Defence owned the park until 2012, and it was transferred to YCDC in 2012-2013 fiscal year.

Khin Maung Htwe, Win Win Maw

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