Myanmar parliament passes foreign investment law

(AP) Myanmar's parliament has adopted a much anticipated foreign direct investment law that is crucial to the government's ambitious plans for economic expansion.

The law passed Friday drops several provisions in the original draft that it was feared could deter investors.

One dropped proposal would have required a $5 million minimum initial investment outlay. And the final version allows foreign parties to hold a 50 percent stake in joint ventures rather than limiting them to a proposed 49 percent.

Elected President Thein Sein launched economic and political reforms when he took office last year after almost five decades of military rule. Another barrier to foreign investment was lifted earlier when Western nations eased economic sanctions instituted against the military regime.