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Thursday, 1 November 2012 - Myanmar foreign investment bill in parliament again |
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      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Aerospace & Defense Investing Simplified Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB Dividends World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Nader Mousavizadeh Lucy P. 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Sponsored Links Myanmar foreign investment bill in parliament again Tweet Share this Email Print Related News Myanmar sets curfew after new violence in northwest Wed, Oct 24 2012 Myanmar's president sees investment law "within days" Sun, Oct 21 2012 Myanmar to be invited to major U.S.-Thai military exercise Fri, Oct 19 2012 Analysis & Opinion Time for real reforms, but low-hanging fruits remain Buddhist monks march in Myanmar and thwart OIC Islamic office plan Related Topics World » Myanmar » By Aung Hla Tun YANGON | Thu Nov 1, 2012 12:11am EDT YANGON (Reuters) - Myanmar's new foreign investment bill was with parliament 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 law maker 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. A member of one of the committees, who attended an emergency meeting in October, also said agreement had been reached on the main provisions. A clause requiring foreign investors to provide at least 35 percent of start-up capital in a joint venture with local partners had been dropped, he said, asking not to be named. "Now it has been changed to 'the participation ratio of the joint venture is only to be decided by local and foreign partners'. It means anything they both agree," he said. Another controversial provision stipulated that foreigners could only own 50 percent of a joint venture in certain sectors deemed sensitive. "Now it has been decided not to mention this ratio in the Foreign Investment Law since it can sting foreign investors. Instead, the ratio will be mentioned only in the relevant rules and regulations, and only if necessary," the committee member said. "These changes were initiated by the president, so I am sure he will sign the bill when it is sent to him," he added, suggesting that could happen in November. President Thein Sein took office in March 2011 at the head of a quasi-civilian government that brought almost 50 years of military rule to an end. He has undertaken economic and political reforms that have persuaded Western countries to suspend sanctions and prompted an upsurge of interest in the country by multinational firms, who see potential in its abundant resources and primitive economy. (Editing by Alan Raybould and Robert Birsel) World Myanmar Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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