Photo by Marc Veraart http://farm4.staticflickr.com/3174/2774457258 _b9ac9bcee0.jpg
Myanmar’s parliament is set to pass a foreign investment law by the end of July a senior government official said according to the Wall Street Journal.
Myanmar has been undergoing a period of dramatic change after years of military junta rule and political isolation. Political reform has been accompanied by a renewed interest in foreign investment into the nation state, also known by its historical name, Burma.
Government spokespeople have stated that seeking more foreign investment will help pull its people out of poverty and the government hopes this will bring in more international business.
According the Wall Street Journal the law is expected to give foreign companies tax breaks and allow them greater freedom to lease land form private owners.
The U.S. has been seeking to encourage Myanmar’s political and economic overhaul and has cleared American companies to invest in the country.
According to Thailand Lawyer, Thidaporn Kornchudej, foreign business laws are intended to both promote foreign business, but also to control foreign business.
Thailand’s foreign business law prohibits non-Thai nationals from engaging in a number of types of businesses wherein foreign business participation or competition with Thai companies is deemed to harm Thailand’s national interests.
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