Foreign Investment Law Passed, Delayed
30 November 2012
Days after a controversial new foreign investment law passed Myanmar’s parliament, President Thein Sein has postponed implementation of the law and sent it back to parliament for fine-tuning.
The president’s office has requested parliament make “some minor amendments,” said Maj. Zaw Htay, who said the president hopes to make the law more clear and more flexible. The law was passed on September 7, just before the end of the parliamentary session, but quickly faced criticism for being vague and unattractive to foreign investors.
Government officials have said that attracting a sufficient amount of foreign direct investment is critical for widespread economic expansion in Myanmar. Thein Sein quickly launched economic and political reforms after he took office in 2011. Five decades of military rule in Myanmar resulted in a stagnant economy following widespread sanctions by western governments and tight government control of the economy.
Parliament will next convene in the third week of October.
