Myanmar's parliament discusses foreign-investment bill

Myanmar's President Thein Sein

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Myanmar's parliament is expected to discuss the foreign-investment bill as the once-secretive nation seeks to attract more investment to encourage the country's economic growth.

Myanmar's recent political and economic overhaul saw a number of reform steps that included loosening restrictions on the media and Internet and giving dissidents more freedom. Such actions have triggered renewed attention by foreign businesses to invest in the country.

The investment law is set to provide foreign companies tax-breaks and allow them greater freedom to lease land from private owners. It is seen as a crucial legal framework step for Western companies to secure the rights from their investments.

After the parliament's upper house approves a bill, it is usually sent to the president for a review, which can take 15 days. It is thus believed the bill will officially be passed by the end of August.

The country's drastic reforms have seen countries such as Australia and the US lifting sanctions they had imposed on Myanmar for many years.