This month has marked some significant milestones for Myanmar (also known as Burma) which, as a former pariah state, has recently emerged as the new investment hotspot in Asia due to its rich natural resources and untapped markets.
Last week, Barack Obama became the first United States President to visit Myanmar. Obama’s visit follows on from the success of Myanmar’s significant political reforms and the lifting of US and EU sanctions. These developments will no doubt reassure US investors looking at this market.
Among these momentous changes, the long awaited new foreign investment law (“FIL”) was approved earlier this month by Myanmar’s President, Thein Sein.
The FIL replaces the previous foreign investment law of 1988 (“1988 Law”) and ushers in policies and provisions aimed at encouraging foreign investment for the purposes of jumpstarting the development of the wealth, infrastructure and productivity in Myanmar.
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