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Myanmar president announces second stage of reforms
June 19, 2012 1:23 pm
Yangon - Myanmar President Thein Sein on Tuesday announced economic reforms including plans to pass a foreign investment law.

The president is widely credited with several breakthroughs last year, including freeing hundreds of political prisoners and opening a dialogue with opposition leader Aung San Suu Kyi.

"The foreign direct investment law will be approved soon in the coming parliament sessions," Thein Sein said in announcing his second stage of reforms. "If there are laws protecting investors, they will come invest in Myanmar." The new law is expected to include provisions allowing 100-per-cent foreign ownership in most sectors.

The next parliament session will open on July 4, with Suu Kyi participating.

Thein Sein announced plans to boost gross domestic product by 7.77 per cent annually over the next five years, during which he hopes to double foreign investment.

The president said future foreign investments should not harm the environment and should promote social development.

The government is also considering a minimum wage law, he added.//DPA

The Nation 20.Juni 2012