Mr. Tun Shin, (Attorney-General of Myanmar)
Intellectually, the meaning of rule of law is deep indeed, as defined by various jurists and authors. After quoting a number of well-known personalities on this matter, he said: “These are fine aspirations. But aspiration without action is sterile. It is deeds that matter. We are enjoined to be doers of the words, and not hearers only. And it is on the observance of the rule of law that the quality of government depends."
He added, “It is through the rule of law that the successful conduct of trade, investment and business generally are promoted by a body of accessible legal rules governing commercial rights and obligations. No one would choose to do business, perhaps involving large sums of money, in a country where the parties rights and obligations are vague and undecided."
He said that in the past 10 years the rule of law has become important in economics too. Citing various forms of business, commercial, transportation, property and other economy related laws, he said, “We must have clear-cut laws that define the rights and obligations of citizens and parties to the contract. The rule of law is an important cornerstone in every business transaction. Businessmen must know the law."
“Whenever a businessman considers an investment in a foreign land, in my experience as a practical business lawyer and one-time business executive, he will consider initially the substantive position his business will have in the host country. Firstly he will check if there is a proper investment law guaranteed against nationalisation on expropriation, the evaporation of profits or repair creation upon winding up of business, tax holidays and proper finance laws. Secondly whether there are proper company laws for formation of his company and financial law. Thirdly, if there are proper dispute resolution clause in the acceptance of universal rules such as the various agreements of the UN, International Chamber of Commerce, etc. If so, he will decide yes. Thus, through foreign direct investment and legal framework, sustainable economic growth will be made. This is the connection between the rule of law and sustainable economic growth.”
He said the rule of law has been advocated by Aristotle over 2000 years ago. It is intellectually and practically important to sustain economic growth and to provide robust business growth and activities in Economics, Business and Finance.