Arab Today, arab today myanmar passes investment law as world bank vows aid
Last Updated : GMT 08:20:02
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.

arabstoday
arabstoday

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

 



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 Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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