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Myanmar may delay implementation of law on foreign investment

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Myanmar may delay implementation of law on foreign investment

Myanmar may delay implementation of a new law that would allow foreign investors to buy up to 35% stakes in local companies, Reuters reported Dec. 11, citing two officials of the country's Directorate of Investment and Company Administration, or DICA.

The Myanmar Companies Act was approved earlier this month but the commencement date was not specified.

Aung Naing Oo, head of DICA, said authorities may not implement the law until as late as August 2018 as they need to prepare bylaws and complete a company registry. Myo Min, director of DICA, said authorities need up to eight months to prepare guidelines for the online company registry.