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Myanmar parliament finalises rules on foreign ownership of firms

Published on Mar 19, 2013 7:01 PM

YANGON (REUTERS) - Myanmar's parliament has rejected a proposal to limit foreign ownership of businesses in certain sectors to 49 per cent, voting to confirm a limit of 80 per cent set in January under a new investment law approved last November, official media said.

The decision, taken on Monday, will cover investment in sectors deemed sensitive, including agriculture and businesses that could affect the environment, the Myanma Alin daily reported on Tuesday.

In other sectors, foreign firms will be able to set up ventures without the need for a local partner.

The law was held up in the legislative process for much of last year, caught between a government eager to attract foreign investment, influential domestic tycoons trying to protect their monopolies and small businesses keen not to be shut out.

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