27 Nov 2017
MYANMAR: Temporary Moratorium Imposed on All New Timber-based Investment Projects
A temporary moratorium has been imposed by the Myanmar Investment Commission (MIC) on all new investment projects in the country’s timber-based business sector. However, the MIC will continue to allow inward capital infusion in existing businesses. All timber-based businesses will, however, have to use imported timber or source raw timber from the state owned Myanmar Timber Enterprise (MTE) or from private forest plantations in the country.
The move is designed to protect the forestry resources of Myanmar, which currently has a temporary prohibition on logging in place. At present, local factories are reliant on MTE’s stocks of teak and hardwood that date back prior to the imposition of the logging ban.