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August, 25, 2016

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Foreign investment bill in Myanmar parliament, may be passed quickly

YANGON -- Myanmar's new foreign investment bill was with parliament on Thursday, seeking amendments to address concerns of foreign firms eager to enter the country, and it could be quickly approved and sent to the president to be signed into law, lawmakers said.

The bill has passed back and forth between the legislative and executive branches since March in a tussle involving a government eager to attract foreign investment, tycoons determined to protect their monopolies, and small businesses keen not to be shut out.

"The bill of the new Foreign Investment Law will be brought to the Union Parliament on Nov. 1, where I think it will be passed after some discussion," Thein Nyunt, lower house law maker and leader of New National Democratic Party, told Reuters.

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