Myanmar Passes Guidelines for Foreign Investment

Efforts to bring global companies into its very restricted market

Myanmar's Parliament passed a long-anticipated law that lays the ground rules for global companies planning to move into the country's long-restricted market—legislation that dropped several provision that would have deterred foreign investment but still fell short of what many businesses had hoped to see.

Investors are now waiting to see whether Myanmar's president will sign the legislation into law, or pass it back to lawmakers when they meet next in October to induce more investment into what is still one of Asia's most isolated economies.

Full details of the draft law haven't been announced. But according to highlights of it provided by government officials, the version approved Friday would let foreigners own half or more of some joint ventures and invest in a wider range of businesses than outlined in previous drafts.