Illustrative image (Source: wikimedia)
Hanoi (VNA) - Myanmar's Upper House on October 5 approved the draft new Myanmar Investment Law after it was passed by the House of Representatives last month.

The new Myanmar Investment Law is expected to take effect in the near future, Myanmar Investment Commission (MIC) said.

Although Myanmar enacted the Foreign Investment Law in 2012 and the Citizens' Investment Law in 2013, there were arguments over the laws and the former government has called for drafting a new one combining the two laws with the support of the International Finance Corporation.

According to experts, the existing foreign investment law abounds in weaknesses while dual investment laws have led to assumptions on discrimination between local and foreign investors.

MIC Secretary U Aung Naing Oo said the new investment law includes tax breaks which are different from those stipulated under the former government.

Under the new law, tax breaks are only provided for investment in sectors promoted by the new government.

According to the Securities and Exchange Commission of Myanmar, with the help of the Asian Development Bank, the country is drafting the new Company Act, which allows foreign investors to join the Yangon Stock Exchange.

In June, the Myanmar government formed a new MIC led by Minister for Planning and Finance U Kyaw Win.

Since the new government took office in April, the MIC has licensed a total of 38 foreign investment projects worth 383.9 million USD.

From late 1988 to August this year, total foreign investment in Myanmar amounted to over 64.4 billion USD, according to the MIC.-VNA