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Myanmar Eases Investment Laws
A raft of new investment laws are expected to make Myanmar draw more foreign interest if sanctions are lifted in the coming year. But the overhaul leaves some problems unresolved?and might stoke new ones.
A plan to give tax holidays and other incentives to foreigners is expected to be approved as early as this week, ahead of a closely watched April 1 parliamentary by-election. That vote could put democracy icon Aung San Suu Kyi into elected office for the first time. Ms. Suu Kyi suspended campaigning Sunday after she fell ill from heat exhaustion in southern Myanmar, her doctor said.
Other major changes in the works include plans to simplify the unwieldy foreign-exchange system, give more independence to the central bank and open the economy to foreign phone companies and banks.
The new laws follow other reforms that over the past year have generated rising enthusiasm among Western leaders and business executives. Some are pressing to end decades of sanctions against Myanmar, which transferred power to a parliamentary government from a military regime last year. U.S. and European leaders have indicated they are likely to begin easing key sanctions soon if the April 1 vote, being held to fill a small number of parliamentary seats vacated over the past year, is free and fair.
Read the full piece at http://online.wsj.com/article/SB10001424052702304177104577303394089043030.html
