YANGON, June 30 (Xinhua) -- Myanmar's new draft Investment Law will be submitted to the parliament for discussion by mid-July, U Aung Naing Oo, Director General of Directorate of Investment and Company Administration, said on Thursday.
Although Myanmar enacted Foreign Investment Law in 2012 and Citizens' Investment Law in 2013 with the approval of the parliament, there were arguments over the laws and the former government has called for drafting a new one combining the two laws with the support of International Finance Corporation (IFC) since then.
Meanwhile, the new Company Act drafted with the help of Asian Development Bank (ADB) since 2014 is yet to be submitted to the parliament.
Either new investment law or Company Act is vital for encouraging the country's economy growth. The country will provide safety for investors and lure more if both of new laws are enacted, according to local experts.
Myanmar's new Company Act is the key to allowing foreign investors in Yangon Stock Exchange (YSX).
If the law is approved by the parliament, foreign investors can trade on YSX, according to Maung Maung Thein, former president of Myanmar Securities Exchange Commission.
The Myanmar Investment Commission has been readjusted to run under the Ministry of Planning and Finance although it was designated as an independent organization, said U Aung Naing Oo.
Myanmar's foreign investment targeted to reach 6 billion U.S. dollars for this 2016-2017 fiscal year.
Meanwhile, The country will promote five sectors - labor intensive manufacturing, agro-based business, infrastructure projects, logistics,hotel and tourist, to attract foreign investments, according to the director general.
The country drew 9.5 billion U.S. dollars foreign investment in the last 2015-2016 fiscal year.
