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Myanmar Parliament approves foreign investment Bill

Published on Nov 1, 2012 8:12 PM

YANGON (REUTERS) - Myanmar's Parliament approved a foreign investment Bill on Thursday, and lawmakers were expecting it to be signed into law quickly by the president since his office had come up with wording that helped end a dispute over certain clauses.

The Bill had 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.

"It was approved, together with the amendments proposed by the president," one lawmaker told Reuters, asking not to be named. "So you can be sure that the president will sign it once it is sent to his office in a few days."

Earlier, a member of a parliamentary committee that held an emergency meeting last month to discuss the legislation provided some details on the amendments that had made passage possible.

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