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OECD Investment Policy Reviews MYANMAR OECD Investment Policy Reviews MYANMAR Contents OECD Investment Policy Reviews Executive summary Assessment and recommendations Chapter 1. Trends in foreign investment in Myanmar MYANMAR Chapter 2. Responsible business conduct in Myanmar Chapter 3. Regulation and protection of investment in Myanmar Chapter 4. Investment promotion and facilitation in Myanmar Chapter 5. Myanmar’s tax policy Chapter 6. Developing Myanmar’s financial sector Chapter 7. Developing Myanmar’s infrastructure Chapter 8. Other aspects of the Policy Framework for Investment in Myanmar Chapter 9. Promoting sustainable investment in Myanmar’s agriculture Also available in this series: OECD Investment Policy Reviews Tanzania (2013), Jordan (2013), Mozambique (2013), Malaysia (2013), Costa Rica (2013), Tunisia (2012), Colombia (2012), Kazakhstan (2012), Zambia (2012), Ukraine (2011), Indonesia (2010), Morocco (2010), Viet Nam (2009), India (2009), China (2008), Peru (2008), Russian Federation (2008), Egypt (2007) http://oecd.org/daf/inv/investment-policy/countryreviews.htm M RM MYANMAR Consult this publication on line at http://dx.doi.org/10.1787/9789264206441-en. This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical databases. Visit www.oecd-ilibrary.org for more information. ISBN 978-92-64-20643-4 20 2014 02 1 P 9HSTCQE*cagede+ OECD Investment Policy Reviews: Myanmar 2014 This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2014), OECD Investment Policy Reviews: Myanmar 2014, OECD Publishing. http://dx.doi.org/10.1787/9789264206441-en ISBN 978-92-64-20643-4 (print) ISBN 978-92-64-20644-1 (PDF) Series: OECD Investment Policy Reviews ISSN 1990-0929 (print) ISSN 1990-0910 (online) The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Photo credits: Cover ©Thinkstock.com/javarman3; © Shutterstock.com/Denis Babenko; © Shutterstock.com/Xebeche. Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda. © OECD 2014 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of the source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d'exploitation du droit de copie (CFC) at [email protected]. FOREWORD Foreword This OECD Investment Policy Review of Myanmar represents the first international co-operation with the Government of Myanmar on investment climate reform. Undertaken in partnership with the Secretariat of the Association of Southeast Asian Nations (ASEAN), it charts the dramatic economic reforms in Myanmar since 2011 and draws lessons from the earlier reform experience after 1988, as well as from other countries that have undergone similar transformations. The Review uses the Policy Framework for Investment to discuss the challenges and opportunities for Myanmar as it opens to the outside world. Covering a broad range of policy areas, it looks not only at how to increase private investment in Myanmar but also at how to ensure that investors act responsibly and contribute to inclusive and sustainable development. It was prepared in collaboration with a government task force of 17 ministries and agencies chaired by the Director General for Investment and Company Administration in the Ministry of National Planning and Economic Development. A draft version of the Review was presented to the task force in Nay Pyi Taw and to stakeholders in Yangon in June 2013. A delegation led by the Deputy Minister for National Planning and Economic Development Dr Khin San Yee discussed the Review with the OECD Investment Committee in October 2013. The Review has been prepared by a team comprising Stephen Thomsen, Mike Pfister, Coralie David, Hélène François, Fernando Mistura and Geraldine Ang of the Investment Division of the OECD Directorate for Financial and Enterprise Affairs and Nariné Nersesyan of the OECD Centre for Tax Policy and Administration. Secretariat inputs were received from the Financial and Corporate Affairs Divisions. The Review was supported by the ASEAN-Australia-New Zealand Free Trade Area Economic Co-operation Support Programme. The information in this Review is current as of end- November 2013. OECD INVESTMENT POLICY REVIEWS: MYANMAR 2014 © OECD 2014 3 TABLE OF CONTENTS Table of contents Preface by Dr Kan Zaw, Minister of National Planning and Economic Development, Republic of the Union of Myanmar and Angel Gurría, Secretary-General, OECD...................................... 11 Acronyms and abbreviations...................................... 13 Executive summary .............................................. 17 Assessment and recommendations................................ 21 Improving the investment climate in Myanmar .................. 28 Promoting sustainable investment in Myanmar’s agriculture....... 43 Notes ...................................................... 47 References .................................................. 47 Chapter 1. Trends in foreign investment in Myanmar ................. 49 Trends in FDI in Myanmar..................................... 54 Notes ...................................................... 60 Chapter 2. Responsible business conduct in Myanmar ................ 61 Investment and human and labour rights and environmental protection in Myanmar ....................................... 65 International options for promoting responsible investment in Myanmar ................................................. 71 Case study: Responsible business conduct in the mineral sector in Africa’s Great Lakes Region ................................. 79 Notes ...................................................... 80 References .................................................. 81 Chapter 3. Regulation and protection of investment in Myanmar ....... 83 Legislative and regulatory framework for investment ............. 86 Myanmar’s ranking under the OECD FDI Regulatory Restrictiveness Index........................................... 96 Key investment protections provided in the Foreign Investment Law. 100 Principle of non-discrimination in laws relating to investment ..... 105 Steps taken to improve processes of land ownership registration . 106 Protection of intellectual property rights ........................ 108 Protection against expropriation ............................... 110 OECD INVESTMENT POLICY REVIEWS: MYANMAR 2014 © OECD 2014 5 TABLE OF CONTENTS Access to justice for investors and alternative dispute resolution . 113 International treaty practice................................... 119 Notes ...................................................... 121 References .................................................. 121 Annex 3.A1. Do bilateral investment treaties promote FDI inflows? . 124 Chapter 4. Investment promotion and facilitation in Myanmar......... 129 Myanmar has launched measures to improve the investment climate 132 Need for a private sector development strategy .................. 138 Investment promotion and facilitation.......................... 140 Active SME promotion in Myanmar is in its infancy............... 144 Special economic zones are central to Myanmar’s investment attraction strategy ........................................... 146 Notes ...................................................... 155 References .................................................. 156 Chapter 5. Myanmar’s tax policy ................................... 159 What factors matter to investors in Myanmar, and how should tax policy makers respond? ................................... 161 Tax system constraints ....................................... 164 Recommendations ........................................... 170 Notes ...................................................... 171 References .................................................. 171 Chapter 6. Developing Myanmar’s financial sector ................... 177 Myanmar’s financial sector is still at an early stage of development . 179 Regulatory deficiencies have prevented the development of the banking sector ........................................ 182 State-owned financial institutions play a dominant role in the financial sector ........................................ 186 Foreign banking institutions are expected to be allowed to entry in the near future .................................... 188 Strengthening the banking sector requires upgrading the institutional framework ..................................
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