Myanmar’s foreign investment law should go above South East Asian neighbours’ legislation, suggests Dr Aunt Tun Thet, the country’s renowned economist.
“We have to study how other countries deal with the foreign investors. If not, we will be left behind. The more the foreign investments, the more profit we can gain,” Myit Ma Kha Media quoted the economist as saying.
He also alerted the local businessmen to get ready themselves for potential changes.
“We could sell only raw materials previously. We are planning to use the foreign technologies to produce our own goods and export them,” Dr Nay Zin Latt, adviser to Myanmar President said.
The bill amending the decades long foreign investment law was drafted by legal professionals, economists, and experienced businessmen and is poised to be discussed in next session of the parliament (Hluttaw) which starts on 4 July.
“It was discussed during the third parliamentary session but not approved yet,” lawmaker U Thein Nyunt told to Myit Ma Kha.