Tuesday, October 23, 2012

Foreign investment law expected to pass soon

Tuesday, 23 October 2012 13:41 Myat Kyaw Thu

Naypyitaw (Mizzima) – Burma’s Foreign Investment Law is likely to pass soon, members of the Joint Bill Committee told Mizzima on Monday.

Burma's President Thein Sein at his first-ever press conference on Sunday, Oct. 21, 2012. Photo: Ye Min / Mizzima

Joint Committee member Ngun Maung said a joint session of Parliament deliberated on the law on Monday and the bills committee has issued a report on the president’s remarks about the bill, which was returned for suggested amendments this session.

“This bill can be passed this session,” Joint Bills Committee member Ba Shein told Mizzima. Parliament will be in session until Nov. 1.

President Thein Sein said in a press conference on Sunday that the investment bill could be approved within days.

The president said the bill is in line with similar laws in neighboring countries.

“We drafted this investment law after studying many similar laws from various countries,” he said. “We studied such laws from India, China, Thailand, Malaysia and Singapore carefully and thoroughly. We drafted this law in line with neighbouring countries. There are many provisions in this law that will protect the investors. Similarly, we included some provisions which can attract the investors.”

The last session of Parliament passed a version of the law and sent it to the President to sign, but he decided the law needed more revision and sent it back to Parliament on Sept. 22.

The joint committee deliberated on the bill prior to the opening of the current session. According to the committee’s report, the president offered comments on 11 points and suggested changes in wording on five points.

The president suggested that on the provision of the ratio of investment by foreigners and Burmese citizens, it should be fixed by mutual agreement, according to the committee report.

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