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MIC Draft List of Restricted Investment Business

Last week the Myanmar Investment Commission published the draft list of restricted investment business. This is provided for under Section 42 of the Myanmar Investment Law 2016. This list is intended to replace the former Notification 26/2016.

In some senses the draft restricted list is more limiting than Notification 26, however in other senses less so. For example, the draft restricted list contains double the number of prohibited businesses when compared to Notification 26 (24 prohibited businesses, the combination of businesses which only the State has a right to carry out and businesses that a foreigner is not permitted to conduct).

Examples of some new businesses that are prohibited to foreigners are fresh water fisheries, smaller scale animal farming, transporting patients to hospitals in foreign countries, tour guide services and operating convenience stores.

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