Myanmar Announced a New Ministry of Investment and Foreign Economic Relations
In Myanmar a new Ministry of Investment and Foreign Economic Relations (MIFER) is announced, in order to boost the country’s economic development.
The new ministry will supervise resources and aid money from UN and other donor organisations, bringing external support and assistance in line with the government’s direction and policies. It will work closely with the UN and international community, according to the announcement.
This reorganisation is part of the efforts Myanmar is currently doing to attract investors, just after the World Bank released its Ease of Doing Business Index. At 171, Myanmar was ranked as the worst place in ASEAN. Yet, the government promises that “it’ll become easier to start a business in Myanmar”, with recent reforms the country has taken to create a more attractive investment environment, including a new Myanmar Companies Law, enacted August 1.
Source: The Myanmar Times