Updates to Myanmar's Foreign Investment Regime

Changes to the list of restricted economic activities under the Myanmar Foreign Investment Law were recently announced by the Myanmar Investment Commission ("MIC"), in the form of MIC Notification No. 26/2016 dated 21 March 2016 ("Notification No.26/2016"). These changes are brought in more than 18 months after the release of the previous notification on foreign ownership restrictions, being Notification No. 49/2014 dated 14 August 2014 ("Notification No. 49/2014"). Notification No. 26/2016 retains the framework previously set out in Notification No. 49/2014, but now provides for further liberalisation and re-calibration of foreign investment policy towards certain business activities, as well as additional prohibitions and restrictions in respect of certain business activities.