U Thaung Tun, the new chairman of the Myanmar Investment Commission (MIC), has met with foreign businesspeople as part of aims to encourage investment in the country. In the meeting, Thaung Tun said that the MIC would be transparent, efficient and investor-friendly under his leadership, and that he hoped that Myanmar would become a major regional trade and investment destination. Thaung Tun said, under his leadership, the MIC would speed up the process of endorsements under the new Myanmar Investment Law, including setting limits for processing business permit applications. He also said legal reforms would be crucial to attracting substantial foreign investment “I would like to underscore that Myanmar has enormous potential and that the time is ripe to invest in the country,” he told investors. “Myanmar is now open for business.”