THE FOREIGN INVESTMENT LAW
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THE FOREIGN INVESTMENT LAW
(The Pyidaungsu Hluttaw Law No. 21, 2012)
(THE 3rd WANING OF THADINGYUT, 1374 ME)
(2nd NOVEMBER, 2012)
The Pyidaungsu Hluttaw hereby enacts this Law.
CHAPTER I
Title and Definition
1. This law shall be called the Foreign Investment Law.
2. The following expressions contained in this Law shall have the meaning given hereunder:
(a) Union means the Republic of the Union of Myanmar;
(b) Commission means the Myanmar Investment Commission formed under this Law;
(c) Union Government means the Union Government of the Republic of the Union of Myanmar;
(d) Citizen includes an associate citizen or a naturalized citizen. In this expression, an economic
organization formed with only citizens shall also be included by this Law;
(e) Foreigner means a person who is not a citizen. In this expression, an economic organization formed
with foreigners shall also be included by this Law;
(f) Promoter means any citizen or any foreigner submitting a proposal relating to an investment to the
Commission;
(g) Proposal means the stipulated application submitted by a promoter to the Commission for approval of
an intended investment accompanied by draft contract, financial documents and company documents;
(h) Permit means the order in which the approval of the Commission relating to the proposal is expressed;
(i) Foreign Capital includes the followings which are invested in the business by any foreigner under the
permit:
(i) foreign Currency;
(ii) property actually required for the business and which is not available within the Union such as
machinery, equipment, machinery components, spare parts and instruments;
(iii) rights which can be evaluated the intellectual property such as license, patent, industrial design,
trademark, copyright;
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(iv) technical know-how;
(v) re-investment out of benefits accrued to the business from the above or out of share of profits;
(j) Investor means a person or an economic organization invested under the permit;
(k) Bank means any bank permitted by the Union Government within the Union;
(l) Investment means various kinds of property supervised by the investor within the territory of Union
under this Law. In this expression, the following shall be included:
(i) right to be mortgaged and right to mortgage in accord with law on the righs relating to the movable
property, immovable property and other property;
(ii) shares, stocks and debentures of the company;
(iii) financial rights or activities under a contract as a value relating to the finance;
(iv) intellectual property rights according to the existing Laws;
(v) functional rights granted by the relevant law or contract including the rights for exploration and
extraction of natural resources;
(m) person entitled as land leaser or land user means the person who is entitled to lease land or the
person who is entitled to use land until the stipulated period by paying stipulated leasing rate for such
land to the Union;
CHAPTER II
Applicable Business
3. This Law shall apply to business stipulated by the Commission, by notification, with the prior approval of
the Union Government.
4. The following investments shall be stipulated as the restricted or prohibited business:
(a) business which can affect the traditional culture and customs of the national races within the Union;
(b) business which can affect the public health;
(c) business which can cause damage to the natural enviroment and ecosystem;
(d) business which can bring the hazardous or poisonous wastes into the Union;
(e) the factory which produces on the business which use hazardous chemicals under international
agreements;
(f) manufacturing business and services which can be carried out by the citizens by issuing rules;
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(g) business which can bring the technologies, medicines, instruments which is testing in abroad or not
obtaining the approval to use;
(h) business for farming agriculture, and short term and long term agriculture which can be carried out by
citizens by issuing rules;
(i) business of breeding which can be carried out by citizens by issuing rules;
(j)business of Myanmar Marine Fisheries which can be carried out by citizens by issuing rules;
(k) business of foreign investment to be carried out within 10 miles from borderline connecting Union
territory and other countries except the areas stipulated as economic zone with the permission of the
Union Government;
5. The Commission may allow by the approval of the Union Government, the restricted or prohibited
investments under section 4 for the interest of the Union and citizens especially people of National races.
6. The Commission shall, the foreign investment business which can cause great effect on the conditions of
security, economic, environmental and social interest of the Union and citizens, submit to the Pyidaungsu
Hluttaw through the Union Government.
CHAPTER III
Aim
7. Aimed at the people to enjoy sufficiently to enable the surplus to export after exploiting abundant
resources of the country; causing to open up of more employments for the people as the business develop
and expand; causing to develop human resources; causing to develop infrastructures such as banking and
financial business, high grade main roads, highways roads connected one country to another, national
electric and energy production business, high technology including modern information technology;
causing to develop respective area of studies in the entire country including communication networks,
transport business such as rail, ship, aircraft which meet the international standard; causing the citizens
to carry out together with other countries; causing to rise economic enterprises and investment business
in accord with the international norms.
CHAPTER IV
Basic Principles
8. The investment shall be permitted based on the following principles:
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(a) supporting the main objectives of the economic development plan, business which cannot be
affordable and which are financially and technologically insufficiency by the Union and its citizen;
(b) development of employment opportunities ;
(c) promotion and expansion of exports;
(d) production of Import substituted goods;
(e) production of products which require mass investment;
(f) acquisition of high technology and development of manufacturing business by high technology;
(g) supporting the business of production and services involving large capital;
(h) bringing out of business which would save energy consumption;
(i) regional development;
(j) exploration and extraction of new energy and the emergence of renewable energy sources such as bio-
basic new energy;
(k) development of modern industry;
(l) protection and conservation of environment;
(m) causing to support for enabling to exchange the information and technology;
(n) not affecting the sovereign power and the public security;
(o) intellectual enhancement of citizens;
(p) development of bank and banking in accordance with the international standards;
(q) emergence of the modern series required for the Union and citizens;
(r) causing to be sufficient the local consumption of the energy and resources of the Union in terms of
short term and long term period;
CHAPTER V
Form of Investment
9. The investment may be carried out in any of the following forms:
(a) carrying out an investment by a foreigner with one hundred per cent foreign capital on the business
permitted by the Commission;
(b) carrying out a joint venture between a foreigner and a citizen or the relevant Government department
and organization;
(c) carrying out by any system contained in the contract which approved by both parties;
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10. (a) In forming the form of investment under section 9:
(i) shall be formed as company in accord with the existing law;
(ii) if it is formed as a joint venture under sub-section (b) of section 9, the ratio of foreign capital and
citizen capital may be prescribed in accord with the approval of both foreigner and citizen who has
made joint venture.
(iii) in investing by the foreigner, the Commission shall, the minimum amount of investment according
to the sector, prescribe with the approval of the Union Government depending on the nature of
business;
(iv) the foreigner may, if a joint venture is carried out with citizen in prohibited and restricted business,
propose the ratio of the foreign capital as prescribed by the rule;
(b) In carrying out the form of investment business under sub-section (a), liquidating before the expiry of
the term of the contract as it has obtained the right to terminate or liquidating on the conclusion of
the business shall be complied with and exercised in accord with existing laws of the Union.
CHAPTER VI
Formation of the Commission
11. (a) The Union Government shall-
(i) in respect of investment business, form the Myanmar Investment Commission with a suitable person
from the Union level as Chairman, the experts and suitable persons from the relevant Union
Ministries, Government departments, Government organizations and non-Governmental
Organizations as members for enabling to carry out the functions and duties contained in this Law;
(ii) in forming the Commission, stipulate and assign duty to the Vice-Chairman, the Secretary and the
Joint Secretary out of the members;
(b) members of Commission who are not civil service personnel shall have the right to enjoy salary,
allowances and recompense allowed by the Ministry of National Planning and Economic Development.
CHAPTER VII
Duties and Powers of the Commission
12. The duties of the Commission are as follows:-
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(a) taking into consideration on the facts such as financial credibility, economic justification of the
business, appropriateness of technology and protection and conservation of environment in
scrutinizing the proposals of investment whether or not the proposal is in conformity with the
principles of Chapter IV of this Law;
(b) taking prompt action as necessary if the investors complain that they do not enjoy the rights fully
which are entitled under the Law;
(c) scrutinizing whether or not the proposals are contrary to the provisions of the existing laws;
(d) submitting performances to the sixth-monthly meeting of the Pyidaungsu Hluttaw through the Union
Government;
(e) submitting advice to the Union Government, from time to time, to facilitate and promote local and
foreign investments;
(f) prescribing the category of investment, value amount of investment and term of business with the
prior permission of the Union Government and altering thereof;
(g) coordinating with the relevant Region or State Government in respect of foreign investments which are
entitled to carry out for economic development of the Regions or State with the approval of the Union
Government;
(h) administering to know immediately and to take action by the Commission if it is found that the
natural resources or antique object which is not contained in the original contract and it is not applied
with the allowed business above and under the land which has the right to use;
(i) scrutinizing whether or not the investment business is abided by in accord with this Law, rules,
regulations, by-laws, procedures, orders, notifications and directives made under this Law, the matters
contained in the contract by the investor; if it is not abided by, causing to abide by it and taking action
against the business in accord with the law;
(j) prescribing the investment business which is not required to grant exemption and relief from tax;
(k) performing duties as are assigned by the Union Government from time to time;
13. The powers of the Commission are as follows:
(a) accepting the proposal which is considered beneficial to the interests of the Union and which is not
contrary to any existing law after necessary scrutinizing;
(b) issuing permit to the promoter or the investor if the proposal is accepted;
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(c) allowing or refusing the extension or amendment of the terms of the permit or the agreement if it is
applied by those concerned after scrutinizing in accord with the stipulations;
(d) requesting to submit necessary evidence or facts from the promoter or the investor;
(e) passing any necessary order to the extent of the suspension of business if the sufficient evidence has
appeared that the investor does not abide by and carry out in accord with the proposal submitted to
the Commission to obtain the permit, the instruments and evidence attached to it or the terms and
conditions contained in the permit;
(f) allowing or refusing the bank which is proposed by the promoter or the investor to carry out financial
matters;
14. The Commission may, in performing and implementation of their duties, form committees and bodies as
may be necessary.
15. The reports on the performance of the Commission shall be submitted at the meeting of the Union
Government from time to time.
16. Conditions on the completion and improvement of the business permitted by the Commission shall be
reported to the third-monthly meeting of the Union Government.
CHAPTER VIII
Duties and Rights of the Investor
17. The duties of an investor are as follows:
(a) abiding by the existing Laws of the Republic of the Union of Myanmar;
(b) performing the business activities by incorporating a company under the existing Laws of the Republic
of the Union of Myanmar by investor ;
(c) abiding by the provisions of this Law, terms and conditions contained in the rules, procedures,
notifications, orders, directives and permits issued under this Law;
(d) using the land which he is entitled to lease or use in accord with the terms and conditions stipulated
by the Commission and those contained in the agreement;
(e) carrying out to sub-lease and mortgage the land and building which are allowed to carry out business
under the permit, transfer the shares and the business to any other person for such investment
business within the term of the business only with the approval of the Commission:
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(f) making no alteration of topography or election of the land obviously on which he is entitled to lease or
use without the approval of the Commission;
(g) informing immediately to the Commission if natural mineral resources or antique objects and treasure
trove which are not related to the permitted business and not included in the original contract are
found above and under the land on which he is entitled to lease or use continuing to carry out
business on such land if the Commission allows, and transferring and carrying out to the substituted
place which is selected and submitted by the investor if the permission of continuing to carry out is
not obtained;
(h) carrying out not to cause environmental pollution or damage in accord with existing laws in respect of
investment business;
(i) in case of a foreign company, if all of the shares are absolutely sold and transferred to any foreigner or
any citizen, registering the transfer of share in accord with the existing law only after returning the
permit with the prior permission of the Commission;
(j) in case of a foreign company, if some of its shares are absolutely sold and transferred to any foreigner
or any citizen, registering the transfer of share in accord with the existing law only after obtaining the
prior approval of the Commission;
(k) carrying out the systematic transfer of high technology relating to the business which are carried out
by the investor to the relevant enterprises, departments or organizations in accord with the contract;
18. The rights for the investor are as follows:
(a) entitle to sell, exchange or transfer by any other means of assets with the approval of the Commission
according to the existing laws;
(b) in case of a foreign company, selling all or some of its shares absolutely to any foreigner/ any citizen
or any foreign company/ any citizen company;
(c) carrying out the expansion of investment business or increasing of foreign capital contained in the
original proposal by obtaining the approval of the Commission;
(d) submitting to the Commission to re-scrutinize and amend in order to obtain the rights which he is
entitled to enjoy fully in accord with the existing law;
(e) applying to the Commission for obtaining benefits and for taking action in respect of the grievance in
accord with the existing laws;
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(f) applying to the Commission to obtain more benefits for the invention of new technologies, the
enhancement of product quality, the increase in production of goods and the reduction of
environmental pollution in investment business carried out under the permit;
(g) being entitled to enjoy the period stipulated by the Commission with the approval of the Union
Government, more than the period of tax exemption and tax relief contained in Chapter (XII), for the
investors who invest in foreign investment in the regions which are less developed and difficult to
access for the development purpose in the entire Nation.
CHAPTER IX
Application for Permit
19. An investor or a promoter shall, if it is desirous to make foreign investment submit a proposal to obtain a
permit to the Commission in accord with the stipulations.
20. The Commission:
(a) may accept or refuse the proposal within 15 days after making necessary scrutiny if the proposal
submitted under section 19 is received;
(b) shall allow or refuse the proposal within 90 days to the person who submit the proposal if the
proposal is accepted;
21. If the investor or the promoter obtains the permit issued by the Commission an investment shall be
established after concluding necessary contract with the relevant Government department and
organization or person and organization.
22. The Commission may, if it is applied by those concerned, allow the extending reducing or amending of
the term or agreement contained in the contract as appropriate in accord with this Law.
CHAPTER X
Insurance
23. The investor shall insure the stipulated types of insurance with any insurance business allowed to carry
out within the Union.
CHAPTER XI
Appointment of Staff and Workers
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24. The investor shall:
(a) in appointing skilled citizen workers, technicians and staff for skilled jobs, citizens shall have been
appointed at least 25 percent within the first two-year, at least 50 percent within the second two-year
and at least 75 percent within the third two-year from the year of commencement of the business.
Provided that the Commission may increase the suitable time limit for the business based on
knowledge;
(b) to be able to appoint under sub-section (a), arrange to provide practicing and training to citizen staff
for improvement of the working skills;
(c) appoint only citizens for the works which do not require skills;
(d) carry out the recruitment of workers from the Labour Exchange Office or local labour exchange
agencies or by the arrangement of the investor ;
(e) appoint skilled citizen workers, technicians and staff by signing an employment agreement between
employer and workers in accord with the existing labour laws and rules;
(f) administer the rights of causing not to differ the level of wages in appointing the Myanmar citizen staff
like the foreign staff as the allocation of expert level.
25. The foreigners who work at the investment business under the permit shall submit and apply for the work
permit and the local residence permit issued by the Union.
26. The investor shall:
(a) conclude an employment agreement in accord with the stipulations in appointing staff and workers;
(b) carry out to enjoy the rights contained in the existing labour laws and rules including minimum wages
and salary, leaves, holiday, overtime fee, damages, workman’s compensation, social welfare and other
insurance relating to workers in stipulating the rights and duties of employers and workers or the
occupational terms and conditions contained in the employment agreement;
(c) settle the disputes arisen among employers among workers, between employers and workers and
technicians or staff in accord with the relevant existing laws;
CHAPTER XII
Exemptions and Reliefs
27. The Commission shall, for the purpose of promoting foreign investments within the State, grant the
investor the tax exemption or the relief contained in Sub-section (a) out of the following tax exemptions
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or tax reliefs. In addition, one or more than one or all of the remaining tax exemptions or tax reliefs may
be granted if it is applied:
(a) income tax exemption for a period of five consecutive years including the year of commencement on
commercial scale to any business for the production of goods or services, moreover, in case where it is
beneficial to the Union, income tax exemption or relief for suitable period depending upon the success
of the business in which investment is made;
(b) exemptions or reliefs from income tax on profits of the business if they are maintained for re-
investment in a reserve fund and re-invested therein within 1 year after the reserve is made;
(c) right to deduct depreciation from the profit, after computing as the rate of deducting depreciation
stipulated by the Union, in respect of machinery, equipment, building or other capital assets used in
the business for the purpose of income tax assessment;
(d) if the goods produced by any manufacturing business are exported, relief from income tax up to 50
percent on the profits accrued from the said export;
(e) right to pay income tax on the income of foreigners at the rates applicable to the citizens residing
within the Union;
(f) right to deduct expenses from the assessable income, such expenses incurred in respect of research
and development relating to the business which are actually required and are carried out within the
Union;
(g) right to carry forward and set-off the loss up to 3 consecutive years from the year the loss is actually
sustained within 2 years following the enjoyment of exemption or relief from income tax as contained,
in sub-section (a), for each business;
(h) exemption or relief from custom duty or other internal taxes or both on machinery, equipment,
instruments, machinery components, spare parts and materials used in the business, which are
imported as they are actually required for use during the period of construction of business;
(i) exemption or relief from customs duty or other internal taxes or both on raw materials imported for
production for the first three-year after the completion of construction of business;
(j) if the volume of investment is increased with the approval of the Commission and the original
investment business is expanded during the permitted period, exemption or relief from custom duty or
other internal taxes or both on machinery, equipment, instruments, machinery components, spare
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parts and materials used in the business which are imported as they are actually required for use in
the business expanded as such;
(k) exemption or relief from commercial tax on the goods produced for export;
CHAPTER XIII
Guarantees
28. The Union Government guarantees that a business formed under the permit shall not be nationalized
within the term of the contract or the extended term if such term is extended.
29. The Union Government guarantees not to suspend any investment business carried out under the permit
of the Commission before the expiry of the permitted term without any sufficient cause.
30. On the expiry of the term of the contract, the Union Government guarantees the investor invested in
foreign capital to disburse his rights in the category of foreign currency in which such investment was
made.
CHAPTER XIV
Right to Use Land
31. The Commission may allow the investor actually required of the right to lease or use land up to initial 50
years depending upon the category of the business, industry and the volume of investment.
32. The Commission may extend the period of consecutive 10 years and for further 10 years after the expiry
of such period to the investor desirous of continuation of the business after the expiry of the term
permitted under section 31, depending upon the volume of investment and category of business.
33. The Commission may, for the purpose of economic development of the Union, allow to make investment
on such land by obtaining the initial agreement from the person who is entitled to lease or use land with
the prior approval of the Union Government.
34. The Commission may, from time to time, stipulate in respect of rates of rent for the land owned by the
Government departments and organization with the prior approval of the Union Government.
35. The investor has the right to carry out, in performing the contract system of agricultural and breeding
business in farms, only by joint venture system with citizen investors which are allowed to carry out by
the citizens.
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36. The Commission may, for the purpose of the development of the entire Nation, stipulate longer than the
period for the right to lease or use land contained in this Law, for enjoyment of the investors who has
invested in the region where the economy is less developed and difficult to access with the approval of
the Union Government.
CHAPTER XV
Foreign Capital
37. The foreign capital shall be registered with the name of the investor in the category of foreign currency
accepted by the bank by the Commission. The category of foreign capital shall be mentioned in such
registration.
38. In the event of termination of business, the person who has brought in foreign capital may withdraw
foreign capital which he may withdraw as prescribed by the Commission within the stipulated time.
CHAPTER XVI
Right to Transfer Foreign Currency
39. The investor has the right to transfer abroad the following foreign currency through the bank which has
the right to carry out foreign banking within the Union in the relevant foreign currency at the stipulated
exchange rate:
(a) foreign currency entitle to the person who has brought in foreign capital;
(b) foreign currency permitted for withdrawal by the Commission to the person who has brought in
foreign capital;
(c) net profit after deducting all taxes and the relevant funds from the annual profit received by the
person who has brought in foreign capital;
(d) legitimate balance, after causing payment to be made in respect of taxes and after deducting in the
manner prescribed, living expenses incurred for himself and his family, out of the salary and lawful
income obtained by the foreign staff during performance of service in the Union;
CHAPTER XVII
Matters Relating to Foreign Currency
40. The investor shall:
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(a) be transferable abroad through any bank within the Union which has the right to carry out foreign
banking in the relevant foreign currency at the stipulated exchange rate;
(b) carry out financial matters relating to the business by opening a foreign account in the category of
foreign currency accepted by the bank within the Union which has the right to carry out foreign
banking or a kyat account.
41. The foreigners serving in any economic organization formed with the permit shall open a foreign account
in the category of foreign currency accepted by the bank within the Union which has the right to carry out
foreign banking or a kyat account.
CHAPTER XVIII
Administrative Penalties
42. The commission may pass the following one or more administrative penalties against the investor who
violates any of the provisions of this Law, rules, regulations, by-laws, procedures, notifications, orders,
directives issued this Law or terms and conditions mentioned in the permit:
(a) censure;
(b) temporary suspension of tax exemption and relief;
(c) revocation of the permit;
(d) black listed with no further issuance of any permit in the future;
CHAPTER XIX
Settlement of Disputes
43. If any dispute arises in respect of the investment business:
(a) dispute arisen between the disputed persons shall be settled amicably:
(b) if such dispute cannot be settled under sub-section (a):
(i) it shall be complied and carried out in accord with the existing laws of the Union if the dispute
settlement mechanism is not stipulated in the relevant agreement;
(ii) it shall be complied and carried out in accord with the dispute settlement mechanism if it is
stipulated in the relevant agreement.
CHAPTER XX
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Miscellaneous
44. The Commission may, after producing to fulfill the required energy for the Union and citizen by aiming to
export the exceeding energy to abroad, scrutinize and allow if the investor submits the proposal to make
investment under the production sharing system or enjoying the allocation on obtaining the profits
between the Union Government or Government department and organization conferred power by the
Union Government in accord with the law and the investor for feasibility study, exploration, survey and
excavation and carrying out to reach the production level on commercial scale at the stipulated site
within the stipulated period by using the investor’s capital fully in the production such as petroleum and
natural gas, mineral which require mass capital employing a joint venture with the Union or citizen in
accord with this Law. If such investment business is commercially feasible, the profit shall be entitled to
enjoy proportionately between the Union Government or Government department and organization
conferred power by the Union Government in accord with law or citizen and the investor who works in
joint-venture to cover the profit.
45. The investor under the Union of Myanmar Foreign Investment Law (The State Law and Order Restoration
Council Law No. 10/1989) before the promulgation of this Law shall be deemed as investors stipulated
under this Law.
46. If the credible evidence is appeared that the investor intentionally make false statement or conceal the
accounts, instruments documents, financial documents, employment documents attached to the proposal
prepared and submitted to the Commission, relevant Government department and organization, he shall
be taken action under criminal proceeding.
47. Notwithstanding anything contained in any existing law, matters relating to any provision of this Law
shall be carried out in accord with this Law.
48. The commission shall hold meetings in accord with the stipulations.
49. The decision of the Commission made under the powers conferred by this Law shall be final and
conclusive.
50. No suit, criminal proceeding or other proceeding shall lie against any member of the Commission,
committee or body or any civil service for any act done in good faith which has credible evidence in
accord with the power conferred under this Law.
51. To enable to carry out the provisions of this Law, the Ministry of National Planning and Economic
Development or any organization shall:
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(a) take responsibility and carry out the office-works of the Commission;
(b) incur the expenditures of the Commission;
52. The investor who is carrying out by the permit of the Commission under the Union of Myanmar Foreign
Investment Law (State Law and Order Restoration Council, Law No. 10/1988) which is to be replaced by
this Law shall be entitled to proceed and enjoy continuously until the expiry of the term in accord with
terms and conditions contained in the permit and the relevant agreement.
53. The Commission shall, in permitting the foreign investment business under section 3 and section 5 if it
affects the interest of the Union and citizen, submit to the nearest Pyidaungsu Hluttaw session through
the Union Government as the important matters.
54. If any provision of this law is contrary with any matter of the international treaty and agreement adopted
by the Republic of the Union of Myanmar, the matters contained in the international treaty and
agreement shall be abided by.
55. After prescribing this Law, within the period before prescribing the necessary rules and regulations, the
rules and regulations issued under the Union of Myanmar Foreign Investment Law (The State Law and
Order Restoration Council, Law No. 10/1988) may be continued to exercise if it is not contrary with this
Law.
56. In implementing the provisions of this Law:
(a) the Ministry of National Planning and Economic Development shall, with the approval of the Union
Government, issue rules, regulations and by-law, procedures, orders, notifications and directives as
may be necessary within (90) days from the adoption of this Law;
(b) the Commission may issue orders, notifications and directives as may be necessary.
57. The Union of Myanmar Foreign Investment Law (The State Law and Order Restoration Council, Law No.
10/1988) is hereby repealed by this Law.
sd/ Thein Sein
President
Republic of the Union of Myanmar
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