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Published on Thursday, 07 February 2013 17:08
The government will release more notifications to ensure that the recently passed Foreign Investment Law strikes a balance between protecting domestic investors and attracting foreign ones, following last week’s release of a notification containing more details on restrictions on foreign investment, legal experts say.
The Foreign Investment Commission released Notification 1/2013 for foreign investment on January 31.
It lists the types of the businesses that are forbidden, open to foreign investors through partnerships or joint ventures with Myanmar nationals, open to foreign investment under special descriptions, open to foreign investment under exceptional descriptions and require foreign investment to verify environmental safety procedures.
“The Foreign Investment Law was enacted last November. The commission released bylaws and a notification that define specific conditions for the entry of foreign capital last week,” legal expert Than Maung said.
There are 21 different types of businesses where foreign investment is forbidden and 42 types where it can operate under concession rates, he said. Law, bylaws and notifications will be made harmonious and if critical information was missed the union government will add it later, Than Maung said.
He also said the law could be amended if necessary and that more exceptions or restrictions could be added.
Lawyers are still discussing the fine points of the law, they said.
The law should protect Myanmar investors and also attract foreign investors, they said.