Lower House of Myanmar which introduces new foreign investment law brought a lot of arguments and debates among the House’s committee, commission, entrepreneurs and scholars during the parliamentary sessions of the House of Representatives (Lower House) held in Nay Pyi Taw last Tuesday, according to news report from Xinhua.
Warning was issued by no other than U Shwe Mann, Speaker of the Lower House stating that the new foreign law is very important and it must serve to the interest of the people and of the country. He further added that once the new law is passed, the influx of foreign business into the country will be expected.
From the Lower House the new foreign investment Law will be submitted to the Upper House which is the House of Nationalities. It is understood that the law has been approved by the parliament in case no revisions will be done from the Upper House. The President has the sole responsibility to endorse the new law within fifteen days if there would be no more commentary and remarks from U Shwe Mann, news report from Xinhua said.
He also asked the members of the Lower House to settle the arguments within seven days to achieve the final end result of the new foreign investment law.