Arab Today, arab today myanmar passes investment law as world bank vows aid
Last Updated : GMT 21:35:56
Arab Today, arab today
Arab Today, arab today

Myanmar passes investment law as World Bank vows aid

Arab Today, arab today

Arab Today, arab today Myanmar passes investment law as World Bank vows aid

Yangon - AFP

Myanmar\'s leader on Friday signed into law an eagerly awaited foreign investment bill, while the World Bank pledged to resume aid to the country as it emerges from decades of military rule. Global corporate giants from Coca-Cola to Visa are lining up to enter the impoverished but resource-rich nation, as Western nations roll back sanctions against the one-time pariah state. The World Bank announced it would inject $245 million of aid into Myanmar, resuming assistance after a quarter-century absence. The Washington-based institution closed its Yangon office in 1987 and ceased new lending after the then-ruling junta stopped making payments on debts worth hundreds of millions of dollars from previous aid programmes. The enactment of the investment bill follows weeks of wrangling about how far to open the doors to overseas firms, with business \"cronies\" of the former junta thought to have opposed rapid change. \"Investors are waiting for the bill to be approved. That\'s why he signed it as soon as he could,\" Zaw Htay, an official in President Thein Sein\'s office, told AFP by telephone. He said the former general wanted to enact the bill before flying to Laos to attend a major summit of Asian and European leaders which starts on Monday. A business-friendly version of the bill was approved by parliament on Thursday, after Thein Sein sent back an earlier draft to lawmakers amid concerns that it was too protectionist. An earlier limit of 50 percent for a foreign investor\'s stake in a joint venture has been dropped, and the new version allows the investment ratio to be decided by the foreign and local partners, MPs said. More detailed rules for each sector will be drawn up by the Myanmar Investment Commission. One of the major complaints of businesses eager to enter the country formerly known as Burma has been the lack of a clear legal framework. \"I think it will attract investors who are interested to come to Myanmar,\" said Aung Kyi Nyunt, a lawmaker with Aung San Suu Kyi\'s National League for Democracy opposition party. Thein Sein has vowed to put the economy at the centre of a new wave of reforms, following dramatic political changes since almost half a century of outright military rule ended last year. \"Job opportunities are rare in our country,\" the president said last month at his first domestic news conference since taking power 18 months ago. \"To get these opportunities we definitely need foreign investment,\" he said. Myanmar is seen by many investors as the next regional frontier market as businesses eye its oil, gas and other natural resources and strategic location between China and India. The country was once known as the \"rice bowl of Asia\" because of its agricultural riches. But economic mismanagement during nearly 50 years of junta rule left the country deeply impoverished.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today myanmar passes investment law as world bank vows aid Arab Today, arab today myanmar passes investment law as world bank vows aid

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday