Notification/Parliament approves Ministry of Investment and Foreign Economic Relations

The Second Pyidaungsu Hluttaw tenth regular session held its third day meeting in Nay Pyi Taw 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.