National Unity Government: Ministry of Planning, Finance and Investment Announcement No.3/2022 - စီမံကိန်း၊ဘဏ္ဍာရေးနှင့် ရင်းနှီးမြှုပ်နှံမှုဝန်ကြီးဌာန ကြေညာချက် ( ၃/၂၀၂၂)

Sub-title: 

Supporting Business for Socially Responsible Disengagement

Description: 

"It has been more than a year since the military junta seized power illegally in Myanmar. Our nation is facing one of its darkest moments. Just as the excesses of the junta against its own people have deterred ethical and responsible businesses from investing anew in Myanmar, it has become increasingly difficult for businesses to continue their operations. Businesses have been forced to consider whether their continued presence in the country is consistent with their own values in business ethics and social responsibility. Many have simply decided to disengage and divest. The National Unity Government (NUG) values the contribution made by investors in the development of our country. During the now lost decade of relative freedom, foreign investors have created jobs and lifted masses from poverty. Whether they decide to divest or not under the present hostile environment is an active business decision. As with any business decision, due diligence must be exercised in deciding to divest. While the people of Myanmar are resisting oppression by a murderous military regime, guilty of crimes against humanity and genocide, the businesses need must assess whether their actions risk harming the people or helping their oppressors. The NUG published our ‘three-pillar framework’ guidance on responsible investment in July 2021. We are now issuing the government’s policy on socially responsible divestment. In this document, we provide an ethical framework, alongside practical guidance on when and how to consider divestment and the process of doing so. It is our intention that this document will articulate overarching principle. Detailed guidance will be available from the ministry on a case-by-case or sector-by-sector basis, recognising the nuances in applying these principles into practice. Our policies are consistent with the principles set out by the Organisation for Economic Cooperation and Development and the United Nations guiding principles. How responsible businesses act in Myanmar will become the benchmark against which future divestment decisions are judged. The NUG recognises the dilemmas faced by responsible businesses in trying to make right decisions. We stand ready to assist businesses which try to make decisions that help the people of Myanmar. In any struggle for life and liberty, the right side will always prevail. Soon, in a representative federal democratic union, we look forward to welcome back businesses that had the interests of the Myanmar people at heart..."

Source/publisher: 

Ministry of Planning, Finance and Investment - NUG

Date of Publication: 

2022-04-02

Date of entry: 

2022-04-11

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Local URL: 

Format: 

pdf pdf

Size: 

323.65 KB 1.06 MB

Resource Type: 

text

Text quality: 

    • Good