Myanmar state media details new foreign investment law

November 3, 2012 10:15

YANGON - Myanmar's new foreign investment law allows overseas firms to fully own ventures and offers tax breaks and lengthy land leases, state media said on Saturday, releasing details of legislation passed by parliament this week after a long delay.

The law, approved by President Thein Sein on Friday, had gone back and forth between the legislative and executive branches since March in a tussle involving a government eager to attract foreign investment, tycoons determined to protect their monopolies, and small businesses keen not to be shut out.

Thein Sein took office in March 2011 at the head of a quasi-civilian government that brought almost 50 years of military rule to an end.

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