News Summary: Myanmar passes foreign investor law

AP News
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Posted: Sep 07, 2012 2:27 PM
News Summary: Myanmar passes foreign investor law

THE LAW: Myanmar's parliament adopted a foreign direct investment law Friday crucial to the government's ambitious plans for economic expansion.

REVISIONS: The law drops several provisions in the original draft that critics had feared would deter investors. The law was seen as one of parliament's most urgent tasks and was passed on the last day of its current session.

CONTEXT: President Thein Sein had launched economic and political reforms when he took office last year after almost five decades of military rule, foreign sanctions and restrictive laws that kept the economy stagnant. Myanmar is one of Asia's poorest countries.