Nov 1, 2012

Myanmar deliberates on legitimizing permanent residence for foreign investors

Myanmar is deliberating on legitimizing permanent residence for potential foreign investors, service providers, immigrants and intellectuals since the country' s existing regulations do not allow dual citizenship, official media reported Thursday.

"Influx of technology, capital, human resources and job opportunities may flow into the country by practicing the permanent residence system thereby contributing to the country's development," Myanmar Vice President U Nyan Tun told a coordination meeting of the system Wednesday, said the New Light of Myanmar.

"Favorable investment climate effectively protecting the rights of investors must be created to attract the influx of foreign investment," Nyan Tun stressed, calling for enactment of a permanent residence immigration act and formation of a scrutiny supervisory committee for the residence grant.

"The economic landscape has changed along with the change in the political landscape. Now is time when financial capital, technology and intellectual capital are urgently needed in bringing about people-centered development in agricultural, industrial, commercial, financial and monetary sectors for socioeconomic development of citizens," he said.

Since Myanmar's new government took office in March 2011, political process has been changed from authoritarian governance to democratic governance. The government has granted amnesty to prisoners, allowing exiled political elements to re-enter the country with dignity, abolishing censorship for the media and free access to internet, allowing the establishment of labor and employers unions and freedom of participation in political process for people.

Meanwhile, an amended foreign investment bill is being finalized in the parliament and is expected to be promulgated soonest.

Source: Xinhua