Wednesday, 06 March 2013 13:19 Mizzima News
Aung San Suu Kyi has said that a sense of trust is essential in all economic reforms. She made the comment during discussions with fellow lawmakers over the signing of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958, known as the New York Convention, at the Pyidaungsu Hluttaw (bicameral legislature of both Houses) session on March 5.
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| Myanmar's opposition leader (center, green blouse) and other MPs sit on the 17th day of the 6th session of the Union Parliament in Naypyitaw. (Photo: NLD) |
Speaking at the session, Suu Kyi said, "To make the economy a success, it all depends on trust. No matter what legislation is enacted and no matter what agreement is signed, no potential investor would make investment unless they have confidence in the [political] landscape of the country," according to a report in the state-run newspaper The New Light of Myanmar.
The New York Convention "seeks to provide common legislative standards for the recognition of arbitration agreements and court recognition and enforcement of foreign and non-domestic arbitral awards," as described by the United Nations Commission on International Trade Law.
During nine months of the fiscal year 2012-2013, Myanmar received US $794 million in foreign investment, according to an announcement from the Myanmar Investment Commission last month.
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