Myanmar's parliament on October 1 made the second approval to a revised investment bill which aims at creating more favourable conditions for investors to boost the country’s slump economy, the President’s Office source said.

The second approval was made after President U Thein Sein had amended 11 points of the bill, which was once passed by the parliament in September this year.

It is expected to be signed into law soon by President U Thein Sein.

The revised bill is flexible and slashes a number of barriers for foreign investors, the source said.

It allows foreign investors to hold 50 percent stake in joint ventures and the ratio can be higher if accepted by the National Investment Commission of Myanmar.

Foreign investors and local partners are allowed to decide the investment ratio and the fields of investment except the agriculture, fishery and animal husbandry sectors.

In addition, the new version grants five-year tax exemption for the newly-started investment projects.

Myanmar is emerging as the next regional foreign investment magnet with its huge natural resources, abundant workforce and strategic location between China and India.-VNA