The Straits Times
Published on Nov 01, 2012

Myanmar foreign investment bill in parliament again


YANGON (Reuters) - Myanmar's new foreign investment bill was with parliament on on Thursday, after 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 November 1, where I think it will be passed after some discussion," Thein Nyunt, lower house lawmaker and leader of New National Democratic Party (NNDP), told Reuters.

"Since agreement had been reached between the bill committees of the upper and lower houses on the most important provisions, I am sure the bill will be approved," he added, without elaborating on the content of the bill.