Myanmar will implement the first Standard Operating Procedures (SOP) to get easier investments for both local and foreign investors

Myanmar will implement its first Standard Operating Procedures (SOP) by collaborating between six government agencies concerned with investments. The collaborations are to ensure investments will be easier for both local and foreign investors, according to U Aung Naing Oo, Permanent Secretary of the Ministry of Investments and Foreign Economic Relations. 

“The union cabinet has instructed us to draft Standard Operating Procedures to make the governmental agencies procedures more business friendly for investors,” he added.

The six government agencies, which will collaborate on the SOP are General Administration Department under Union Government Office, Land Management and Statistics Department under the Ministry of Agriculture, Livestock and Irrigation, Environmental Conservation Department Ministry of Resource and Environmental Conservation, Food and Drug Administration under the Ministry of Health and Sports, Internal Revenue Department under the Ministry of Planning and Finance, and Yangon City Development Committee.

“For land management, we will work with the General Administration Depart. We will work with the Statistics Department for land registration, and the Environmental Conservation Department for EIA and SIA and with YCDC for construction permits,” said the permanent secretary.

Drafting the SOP is aimed to streamline obtaining the paperwork and the approval process from related government agencies, the goal is to prevent delays after Myanmar Investment Commission approves the investment proposals.

“The SOP is meant to reduce the excessive steps (in applying approval from government agencies), unnecessary paperwork and cost.  We want to make sure the investment process in more convenient and easier,” said U Aung Naing Oo.

After successfully implementing the SOP, the Ministry of Investments and Foreign Economic Relations is aiming to make the SOP electronic friendly, this way investors can complete their investment proposals online.

Myanmar has received over $2 billion in foreign investment during the first seven months of the present fiscal year. This exceeds last year's numbers by $1 billion compared to the same period last year, it is expected to receive $5.8 billion for the whole year.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/myanmar-adopt-sop-easier-investments )

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