Hot! FDI Law Passed with $5 million Restriction Dropped

Irawaddy | Burma’s Union Parliament passed the controversial Foreign Direct Investment (FDI) law on Friday but dropped the clause which required minimum investments of US $5 million.

Speaking to The Irrawaddy on Friday, Lower House MP Win Oo, a member of the Investment and Industrial Development Committee, said that the Union Parliament approved the law after the bill passed through three drafting stages.

He said that in order to protect local businesses, the drafting committees retained the other restrictions such only permitting up to 49 percent foreign ownership of businesses in restrictive sectors such as agriculture, livestock and offshore fishing.

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