Myanmar’s Union Parliament approved the establishment of a new Ministry of Investment and Foreign Economic Relations to boost local and foreign investment and make investment socially and environmentally friendly

The Second Pyidaungsu Hluttaw tenth regular session held its third day meeting in Nay Pyi Taw yesterday where the establishment of the new Ministry of Investment and Foreign Economic Relations proposed by the President was approved.
Prior to the Hluttaw approving the establishment of the new ministry, Union Attorney-General U Tun Tun Oo explained about it and said the Union Government consider this matter from all angles and proposed it for the benefit of the people.
The new ministry will be formed with Foreign Economic Relations Department (FERD) and Directorate of Investment and Company Administration (DICA) of Ministry of Planning and Finance and at the moment will not require additional staff, building, cars, budget etc.
Without creating additional burden for the State, this newly formed ministry will effectively coordinate between related ministries and organisations on local and international investments, development works implemented for various sectors with international development loans and aids.
Ministry of Investment and Foreign Economic Relations is formed to fulfill the requirement of the State and the people according to international, regional and the country’s geo-economic situation, increasing local and foreign businesses and investments, improving the investment image of the country, quickly creating opportunities for entrepreneurs, all round regional economic cooperation in ASEAN, Greater Mekong Subregion and BIMSTEC etc. and cooperating in socio-economic development programs with United Nations and international organisations, explained the Union Attorney-General.
As there was no one disagreeing to the forming of the new ministry when the opinion of the Hluttaw was obtained, Pyidaungsu Hluttaw Speaker announced the Hluttaw’s agreement on expanding and establishing Ministry of Investment and Foreign Economic Relations.

Judge of the Supreme Court of the Union U Myo Win swear-in
Next, Judge of the Supreme Court of the Union U Myo Win who was already assigned the duty swear-in in the presence of Pyidaungsu Hluttaw Speaker.

Suggestion, discussion and support of Euro 70 million AFD Loan
Afterwards U Khin Cho of Hlaingbwe constituency, U Thein Tan of Hlegu constituency and U Htay Win Aung @ U Pyone Cho of Dawbon constituency suggested and discussed the matter of Euro 70 million loan from the French Development Agency (AFD or Agence Francaise de Developpement) to conduct project works in Yangon Region while U Nay Kyaw of Dagon Myothit (East) constituency, Dr. Saw Naing of South Okkalapa constituency, Dr. Khin Maung Maung of Dagon Myothit (North) constituency, Daw Yin Min Hlaing of Gangaw constituency, U Myint Lwin of Twantay constituency and U Ye Lwin of Ahlon constituency discussed and suggested in support of the matter.
Pyidaungsu Hluttaw Speaker then announced that in response to the discussions and suggestions made by the Hluttaw representatives, members of the union level organisations will discuss and explain.
Pyidaungsu Hluttaw Speaker then announced that members of the union level organisations will respond to the discussions and suggestions made by the Hluttaw representatives and the Hluttaw will decide on the matter in the Pyidaungsu Hluttaw meeting scheduled for 26 November 2018.

Discussion on Tax Management Bill
Following this Tax Management Bill sent by a Union Government organisation was discussed by Daw Cho Cho of Ottwin constituency, U Win Htut of Pyapon constituency, Dr. Pyae Phyo of Ayeyawady Region constituency 7, Daw Cho Cho Win of Mawlaik constituency, U Myo Win of Mon State constituency 8 and Daw Wint War Tun of Shadaw constituency.
With regards to this matter Pyidaungsu Hluttaw Speaker said the bill is scheduled to be discussed in the last week of the month’s Pyidaungsu Hluttaw meeting and in some discussions made by the Hluttaw representatives, suggestions and discussions on amendment motion were mixed. Hluttaw representatives who discussed amendment motion when their names were registered for discussion are required to resend their names again. This bill is important for the State and if required the bill committee will discuss with relevant committees, union level departments and organisations and Hluttaw representatives who had discussed need to discuss again announced the Pyidaungsu Hluttaw Speaker.

Pyidaungsu Hluttaw put on record reforming of districts, wards, village tracts
Finally Pyidaungsu Hluttaw Speaker submitted to the Hluttaw the matters of extending and reforming Sagaing Region Katha District into Katha District and Kawlin District, extending a ward in Kalay Township, reforming a village tract, abolishing a village tract and two villages, abolishing of a village in Sagaing Region Taze Township, extending a village in Kalay Township, reforming and merging three villages in Phaungpyin Township into Sanda Village, reforming and extending the area of a village in Tamu Township, extending and forming of Thein Khun Village tract in Taninthayi Region, Myeik District, Taninthayi Township with ten villages, abolishing nine villages, expanding two village tract, reforming and expanding a village tract in Rakhine State, Thandwe District, Taungup Township and reforming the area of a village tract, reforming and expanding Shan Paing Ward, Bawlake Town, Bawlake Township, Bawlake District, Kayah State and an announcement was made of Hluttaw putting it on record.

(Global New Light of Myanmar: http://www.globalnewlightofmyanmar.com/investment-and-foreign-economic-relations-ministry-approved/ )

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