AP News

News Summary: Myanmar investment panel in makeover


FOREIGN INTEREST: The Myanmar Investment Commission has put on a fresh, investor-friendly face, and its bureaucrats are scrambling to deal with a deluge of interest, even as a proposed investment law creates considerable uncertainty about how foreign companies will be treated in this long-closed Southeast Asian nation.

NEW POWERS: The commission is reinventing itself as the country emerges from decades of isolation that plunged one of Asia's most resource-rich countries into grinding poverty. It is looking to hire more people and approving more investments.

UNCERTAINTY: Investors have criticized the investment legislation, which awaits the president's signature, as too vague. Commission officials say the president is likely to send the law back to Parliament for amendment.


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