The Myanmar Arbitration Centre (MAC) was launched on 3 August 2019 in Yangon as the central seat for arbitration disputes in the country, in accordance with Myanmar Arbitration Law 2016.
ZICO Law’s Myanmar executive chairman, Maung Maung Thein, a consultant for the Union of Myanmar Federal Chambers of Commerce and a driving force behind the MAC, was appointed as its chairman and also president of the College of Myanmar Arbitrators.
ZICO said in a statement that Myanmar-based companies had been at a disadvantage as foreign arbitration could be costly, requiring frequent travel abroad and the hiring of foreign counsel due to a lack of knowledge of foreign arbitration laws.
With the establishment of the new MAC, both foreign and local companies alike could resolve their disputes in Myanmar’s commercial capital of Yangon, saving time and money, and allowing Myanmar-based arbitrators to resolve more disputes based on local laws.
