U Aung Naing Oo, permanent secretary of the ministry, said the arbitration body will be aimed at reducing conflicts over foreign investments in the country.
“We’re working to ensure a level playing field for all investors,” he said. “Investment policy offers full protection for potential investors and will help them bring profits back to their countries without difficulty.”
U Aung Naing Oo cited the concerns of local retailers when the government allowed the entry of foreign retailers and wholesalers last year.
“Banks were allowed to offer loans late last year. Restrictions were lifted on foreign insurance companies this year. Restrictions will be reduced as much as possible,” he said.
Last year, the government received US$6.1 billion (K9.26 trillion) in foreign investment, down from $6.8 billion the previous year. The country struggled to attract new investors because of the slow pace of reforms and the bad publicity generated by the humanitarian crisis in Rakhine State.
This year, the government hopes to attract US$5.8 billion in foreign investments, but to date, the country has only received US$2.5 billion.
U Aung Naing Oo noted, however, that despite the drop in the value of foreign investments the number of investments is rising with many of them being made by small and medium-sized enterprises.