- Trading of traditional pharmaceutical raw materials (herbal items) (ISIC 4620 (46202), 4642 (46421), 4772)
Industry Classification: ISIC, CPC
Level of Government: Central or Regional
Obligations Concerned: National Treatment, Prohibition of Performance Requirements
Description: Investment activities in the above-mentioned subsectors shall be carried out with the approval of the relevant ministries under the Paragraph 1(d) of Myanmar Investment Commission Notification No. 15/2017.
Source of Measure:
- Myanmar Investment Law (2016), Section 42 (d)
- Paragraph 1(d) of Notification No.15/2017 of the Myanmar Investment Commission
46. Sector: Private health care services
Subsector:
- General medical services (CPC 93121)
- Specialized medical services (CPC 93122) - Dental services (CPC 93123)
- Hospital services (CPC 931 1/93110)
- Private diagnostic service
Industry Classification: CPC
Level of Government: Central or Regional
Obligations Concerned: National Treatment, Prohibition of Performance Requirements Description Commercial presence is up to 70 per cent foreign equity participation is permitted and to be in accordance with Private Health Care Services Law 2007.
Source of Measure:
Law Relating to Private Health Care Services (2007)
47. Sector: Electricity sector
Subsector: Large scale electrical business (business that can generate more than 30 MW according to the Electricity Law) (ISIC 3510, 35101)
Industry Classification: ISIC
Level of Government: Central
Obligations Concerned: National Treatment, Prohibition of Performance Requirements, Senior Management and Board of Directors
Description: In accordance with the Section 8 (a) of the Electricity Law, the exploration, construction, generation, transmission, distribution, trading and exchanging of large-scale electrical business shall be carried out by the Ministry with the approval of the Cabinet.
The above-mentioned subsector shall be carried out by the approval of the Ministry of Electrical Power according to the Paragraph 1(d) of the Myanmar Investment Commission Notification No. 15/2017.
Source of Measure:
- Section 8 (a) of the Electricity Law
- Myanmar Investment Law, Section 42 (d)
- Paragraph 1(d) of Notification No. 15/2017 of the Myanmar Investment Commission
48. Sector: Electricity sector
Subsector: All electrical business to be connected with power system
Industry Classification: ISIC 35102
Level of Government: Central
Obligations Concerned: National Treatment, Prohibition of Performance Requirements, Senior Management and Board of Directors
Description: In accordance with the Section 8 (a) of the Electricity Law, the exploration, construction, generation, transmission, distribution, trading and exchanging of large-scale electrical business shall be carried out by the Ministry with the approval of the Cabinet.
According to Rule 80 (b) of the Electricity Rules, to connect with the power system directly or through, it shall acquire the approval of the Ministry of Electrical Power after getting the approval of the relevant government organizations.
The above-mentioned subsector shall be carried out by the approval of the Ministry of Electrical Power according to the Paragraph 1(d) of the Myanmar Investment Commission Notification No. 15/2017.
Source of Measure:
- Section 8 (a) of the Electricity Law and Rule 80 (b) of the Electricity Rules
- Myanmar Investment Law, Section 42 (d)
- Paragraph 1(d) of Notification No.15/2017 of the Myanmar Investment Commission
49. Sector: Financial Service
Subsector:
- Other Monetary Intermediation - Banks (ISIC 6419)
- Financial Services, except investment banking, insurance services and pension services (CPC 711)
Industry Classification: ISIC, CPC
Level of Government: Central or Regional
Obligations Concerned: National Treatment, Senior Management and Board of Directors
Description:
- Foreign Bank Branch is permitted to provide wholesale banking services.
- Foreign Bank Subsidiary is allowed to establish up to 10 places of business being branches or off-site ATMs.
- The private banks shall seek and obtain the approval of CBM at least 30 days before employing a foreign employee. CBM sets out a maximum number of employees a bank may employ, depends on its size:
| Type | Market Share | Maximum number of foreign employees |
| Large Bank | >5% | 25 |
| Medium Bank | Between 1% to 5% | 15 |
| Small Bank | <1% | 8 |
- To obtain approval from CBM, prescribed documentation must be provided, including evidence that the applicant bank has scrutinized and cleared the proposed foreign employee in relation to political involvement, criminal records and insolvency.
- The local private banks are not allowed to appoint foreign employee as Chairman or Deputy Chairman.
- If the foreign employee is appointed as Chief Executive Officer, the Deputy Executive Officer must be a Myanmar citizen.
- Foreigners may be Head of Department (HOD) as long as they do not comprise more than 50 per cent of the bankâs department heads. If a foreign employee is appointed as HOD, the Deputy HOD must be a Myanmar citizen.
The probation period for HOD will be one year and other lower rank under HOD will be six months. The maximum term of employment is three years including the probation period and it can be extended up to maximum of two years.
If foreigners are on the Board of Directors due to the bank's equity participation, the bank must submit to CBM for its approval, which is on a case by case basis.
Source of Measure:
- Foreign Bank Branch License Terms and Conditions
- Announcement for new round of Foreign bank licensing in the Republic of the Union of Myanmar dated on 7*" November 2019
50. Sector: Financial services
Subsector:
Industry Classification: ISIC, CPC
Level of Government: Central or Regional
Obligations Concerned: National Treatment, Senior Management and Board of Directors
Description: All export proceeds in foreign currency from Asia countries shall be deposited within 45 days from the date of shipment of goods.
All export proceeds in foreign currency from outside Asia countries shall be deposited within 90 days from the date of shipment of goods.
Source of Measure:
Notification No. 27/2022 of the Central Bank of Myanmar
LIST B. EXPLANATORY NOTES
1. This List B sets out pursuant to Article 13 (Reservations and Non-Conforming Measures) of Chapter 11 (Investment), the specific sectors, subsectors or activities for which Myanmar may maintain existing, or adopt new or more restrictive, measures that do not conform with obligations imposed by:
(a) Article 3 (National Treatment) of Chapter 11 (Investment);
(b) Article 5 (Senior Management and Board of Directors) of Chapter 11 (Investment); or
(c) Article 6 (Prohibition of Performance Requirements) of Chapter 11 (Investment).
2. This List B sets out the following elements:
(a) Sector refers to the general sectors in which an entry is made;
(b) Subsector refers to specific sectors in which an entry is made;
(c) Industry Classification refers to the activities covered by the entry according to:
(i) the Central Product Classification (CPC) of the United Nations Statistics Division Version 2.1; or
(ii) International Standard Industrial Classification (ISIC) Revision 3;
(d) Level of Government means the level of government either Central or Regional which maintain the measure for which an entry is made;
(e) Obligations Concerned specifies the obligations referred to in Paragraph 1 that, pursuant to Article 13 (Reservations and NonConforming Measures) of Chapter 11 (Investment), do not apply to the sectors, subsectors or activities listed in the entry;
(f) Description sets out the scope or nature of the sector, subsector, or activities covered by the entry; and
(g) Existing Measures are identified for transparency purpose only, for existing measure that apply to the sector, subsector or activities covered by the entry.
3. In the interpretation of an entry, all elements of an entry shall be considered. The Description element shall prevail over all other elements.
4. Notwithstanding the obligations contained in List A, where there is overlap between the contents of List A and this List B, Myanmar may adopt or maintain relevant measures in accordance with this List B
5. In this List B:
(a) "Direct Investment" means an investment in which the investor has the right to control, influence or manage, of such assets which are invested by the investor within the Union in accordance with the law;
(b) "Foreign Investment" means any direct investment made by a foreign investor within the Union; and
(c)"Union" means the Republic of the Union of Myanmar.
6. Myanmar takes out the MFN obligation from this List B as the MFN obligation shall not apply to Myanmar according to the Article 4 (Most-Favoured-Nation Treatment) of Chapter 11 (Investment). For greater certainty, Myanmar reserves the right to adopt or maintain any measure with regard to investments in services sectors that are consistent with Chapter 8 (Trade in Services).
1. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment, Senior Management and Board of Directors
Description: Myanmar reserves the right to adopt or maintain any measure relating to investment or the supply of services in sectors or industries other than those recognised or other than those that should have been recognised by the Government of Myanmar owing to the circumstances at the date of entry into force of this Agreement for it. Any sectors or industries classified positively and explicitly in ISIC or CPC, at the date of entry into force of the Second Protocol for Myanmar should have been recognised by the Government of Myanmar at that time.
Myanmar reserves the right to adopt or maintain any measure with respect to new sectors or industries. Any sector classified in the ISIC Code version 3 or CPC version 2.1 as of the date of entry into force of the Second Protocol shall not be considered a new sector or industry for the purposes of this entry.
Existing Measure:
2. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment
Description: Myanmar reserves the right to adopt or maintain any measure relating to national defense, public order and security.
Existing Measure:
3. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment, Prohibition of Performance Requirements, Senior Management and Board of Directors
Description: Myanmar reserves the right to adopt or maintain any measure relating to the following sectors:
1. investment which is administered and operated by law of the concerned ministries and organisations;
2. banking, insurance and financial services.
Existing Measure:
4. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment, Prohibition of Performance Requirements
Description: Myanmar reserves the right to adopt or maintain any measure and condition imposed in approvals for licences or permits to the companies or projects which were in existence before the date of entry into force of the Second Protocol.
Existing Measure:
5. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment, Prohibition of Performance Requirements
Description: Myanmar reserves the right to adopt or maintain any measure, with respect to the establishment or acquisition of an investment pursuant to Section 47 (a) of the Myanmar Investment Law (2016).
Existing Measure:
6. Sector: All sectors
Subsector:
Industry Classification:
Level of Government: All Levels
Obligations Concerned: National Treatment, Prohibition of Performance Requirements, Senior Management and Board of Directors
Description: Myanmar reserves the rights to adopt or maintain any measure relating to investment activities which may socially or economically disadvantage the indigenous people.
Existing Measure: