YANGON, April 1 (Xinhua) -- Myanmar's new investment law endorsed by the parliament in October 2016 began to take effect on Saturday, according to the Myanmar Investment Commission (MIC).
The rules and regulations of the law were also approved on Friday by the government, according to Directorate of Investment and Company Administration (DICA).
The rules and regulations comprise 238 chapters defined as land use, tax exemption, arbitration and financial transaction.
The law, which was drafted in 2013 based on suggestions from experts and businessmen with the help of the International Finance Corporation (IFC), combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.
MIC will release the details of promoted and restricted sectors for foreign investment soon, said U Aung Naing Oo, secretary of MIC and Director General of DICA.
A total of 6.874 billion U.S. dollars of foreign direct investment from 135 foreign enterprises entered Myanmar in this fiscal year 2016-17 as of March 13.
