YANGON – In a rare discussion of the party’s economic thinking, Han Tha Myint said the NLD wants to press on with the liberalization of the banking sector. In October 2014, nine foreign banks were awarded restricted licenses to operate in Myanmar as part of a gradual opening up to foreign investment. Foreign banks are limited to a single branch each, cannot serve individuals or locally owned companies, and are prohibited from making loans in kyat, the local currency. Han Tha Myint maintained the NLD would loosen these restrictions, saying, “It will be much better for the economy.”
YANGON – Mitsubishi might be among the Japanese brandnames lining up to invest in Myanmar, with deals done for revamping Mandalay’s airport and building a power plant at the proposed Dawei Special Economic Zone in Myanmar’s far south, but that didn’t hinder a senior company representative from telling it like it is to some Nay Pyi Taw government representatives. “There are too many laws, frankly speaking. We have to study so much to enter into the country,” said regional Asia and Oceania CEO Toru Moriyama, speaking at a business seminar in Yangon hosted by Nikkei, the Japanese media conglomerate. While Myanmar has passed several new codes aimed at attracting investors and pepping-up economic reforms, such as the 2012 Foreign Investment Law, some moth-eaten laws remain in place, such as the 1914 Companies Law and, even older, the 1872 Evidence Act.