July 11 (Bloomberg) -- Myanmar’s new investment law may take effect as early as September if a joint session of parliament approves the bill, according to Kan Zaw, deputy minister of National Planning & Economic Development.
The law will be debated during the current parliamentary session, he said in an interview in Hong Kong today. The legislation will help boost investment in the former dictatorship that has taken steps toward democracy, he said.
“Normally it takes about two months, up to September,” Kan Zaw said. “After it’s approved by the Union parliament, then it will take effect the next day.”
The draft law allows investors to lease land for 50 years, with the possibility of two 10-year extensions, he said. Foreign companies will be guaranteed a level playing field with local businesses, he said.
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