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Myanmar global investment forum held in Nay Pyi Taw

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YANGON, Sept. 13 (Xinhua) -- A Myanmar Global Investment Forum, involving more than 500 foreign businessmen, has been held in Myanmar's new capital of Nay Pyi Taw to explore economic prospects of the country and further development, the New Light of Myanmar reported Thursday.

Organized by Myanmar Investment Commission and Hong Kong-based Euromoney Institutional Investor (JERSEY) Ltd, the forum was inaugurated by President U Thein Sein.

New Myanmar Minister of Finance and Revenue U Win Shein told the forum about the country's amendment of tax law, revocation of revenue law, enacting of microfinance services law, adjustment of interest rate.

Vice governor of the Central Bank of Myanmar and local and foreign businessmen discussed matters on banking development and market transparency, which was followed by clarification by Deputy Energy Minister U Htin Aung on the country's energy sector including potentials for production of oil and gas and future prospects.

The participants also discussed sustainable development of oil and gas in Myanmar, Myanmar's Foreign Investment Law, robust investment and private investment.

Meanwhile, on Sept. 7, Myanmar's parliament passed a new foreign investment law amendment bill to replace the 1988 Foreign Investment Law in a bid to attract more foreign investment to the country in line with its reform strategy.

The amended foreign investment bill, which removes much of its restrictions previously drafted, is expected to be endorsed soon by the president for promulgation as law.

Foreign investment in Myanmar had hit 41.086 billion U.S. dollars in 485 projects as of July 2012 since the country opened to such investment in late 1988.

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