The Association of Southeast Asian Nations (ASEAN) has teamed up with the Organisation for Economic Cooperation and Development (OECD) to support Myanmar renew its investment climate.

According to the ASEAN Secretariat, meetings on the issue were held in the French capital Paris from October 15-17 by the OECD’s Investment Committee, the Advisory Group on Investment and Development and the ASEAN Secretariat.

The conferences reviewed the investment climate in Myanmar covering investment policies, responsible business conduct, investment promotion, taxation, infrastructure and finance and how to promote sustainable investment in agriculture.

Myanmar’s Deputy Minister of National Planning and Economic Development, Khin Yee San, introduced her country’s efforts to improve the investment climate and reiterated her government’s commitment to creating a more open environment for investors.

Regarding OECD’s recommendations, the Myanmar official said her country is working to ease the administrative burden on investors and simplify the screening process to reduce the amount of discretion of the Myanmar Investment Commission.

She added that the country is also reviewing restrictions on foreign investors in some sectors and will issue revisions in coming months in order to support the OECD initiatives.

The OECD Investment Policy Review of Myanmar, which has been undertaken with the support of the ASEAN Secretariat, will be finalised in the coming weeks and launched in Myanmar in February 2014.

Seven similar investment reviews of ASEAN member states have been, or are currently being, undertaken in partnership with the ASEAN Secretariat.

OECD was founded in 1962 to stimulate economic progress and world trade. It provides a platform to compared policy experience, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members.-VNA