Hot! Myanmar Firms Push Back on New Law

The Wall Street Journal | The president of Myanmar’s main business federation said that despite rising pressure from investors to ease the country’s investment laws Myanmar companies need protection from foreign competitors.

Responding to questions from The Wall Street Journal at an investor conference in Myanmar’s capital, Win Aung, the president of the Union of Myanmar Federation of Chambers of Commerce and Industry, said he expected “there will be some” revisions to a controversial foreign-investment law passed by Myanmar’s Parliament last week, which restricted foreigners to 50% ownership of ventures in certain politically sensitive industries.

President Thein Sein hasn’t yet signed the law and pressure has been rising from investors to send the law back for amendments so that foreigners can get more control in some sectors.

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