and European sanctions in the former Burma

Myanmar drafts new foreign investment rules

YANGON (Reuters) Foreigners will no canada goose uk black friday longer need a local partner to set up businesses canada goose uk outlet in Myanmar canada goose factory sale and may be granted a five year tax holiday from the start of commercial operations, according to canada goose store the draft of a new investment law obtained by Reuters.

A man steps out from a money changer as people walk by in Yangon December 7, 2011. REUTERS/Soe Zeya Tun

The long awaited new investment regulations, along with plans to float its currency, the kyat, from April mark the boldest economic reforms since resource Canada Goose Jackets rich Myanmar emerged from decades of dictatorship last year, its economy decimated by chronic mismanagement and trade crippling sanctions. and European sanctions in the former Burma.

The draft law adds to other signs of a remarkable economic liberalization in the long isolated country. Foreigners, it uk canada goose said, can now either canada goose clearance sale own companies 100 canada goose uk shop percent or set up a joint venture with Burmese citizens or government departments. Such cheap canada goose uk joint ventures must involve at least 35 percent foreign capital.

Foreign investors can also lease canadian goose jacket land from the Canada Goose Parka state or from private citizens who have permission to use land, the law says. The initial canada goose clearance lease would be buy canada goose jacket cheap for up to 30 years, depending on the type and size of foreign investment, and could be extended twice, canada goose coats on sale for up to canada goose coats 15 years on each occasion.

Foreign firms will not be allowed to Canada Goose sale employ unskilled foreign workers, and citizens of Myanmar must make up at least 25 percent of their canada goose black friday sale skilled workforce after canada goose five years, with companies ensuring Canada Goose Outlet the necessary training to achieve that.

The percentage rises to at least 50 percent after 10 years and 75 percent after 15 years.

It also dropped a requirement from previous legislation that products manufactured by foreign firms in Myanmar must be entirely for export.

government gives a guarantee that buy canada goose jacket permitted businesses will not be nationalized during the period allowed in the contract or extended in the contract other than by giving compensation based on current prices in the market, in the interest of the general public, it says, according to a Reuters translation.

The law is likely to be approved by parliament during the current Canada Goose Online session, which is expected canada goose to mall to end later in canadagoosetomall March. The president then has 14 days to either approve it or send it back to parliament, according to the constitution.

The latest reforms will heighten debate over Canada Goose Coats On Sale Myanmar economic potential.

As big as France and uk canada goose outlet Britain combined, the resource rich country sits strategically between India, China and Southeast Asia with ports on the Indian Ocean and Andaman Sea, Canada Goose online all of which have made it a coveted energy security asset for Beijing western provinces.

Some expect sanctions to begin to be lifted if by elections on April 1, in which Nobel peace laureate Aung San Suu Kyi will run for parliament, are free and fair. cheap Canada Goose A November 2010 general election was widely criticized as a sham.

August 25, 2013 by

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