Myanmar`s parliament, the Pyidaungsu Hluttaw, agreed to sign the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention) on March 6 in a bid to attract foreign investment.

With the Convention in effect, foreign investors are entitled to use neutral arbitration centres such as Singapore or Hong Kong to resolve contractual disputes and enforce international arbitration awards against assets located within Myanmar. This lays the foundation for more transparent dispute resolution supporting the new Foreign Investment Law, adopted in November 2012.

However, domestic legislations have yet to be enacted to implement the provisions of the Convention, the timeline for which remains unclear.

Foreign investment in Myanmar has increased from $35.518 billion in 2011 to $42 billion this year with China, Japan, Singapore, the United Kingdom and Vietnam investing more than $253 million last month, according to figures of the Directorate of Investment and Companies Administration.

To find out more about the revised foreign investment regulations, join our Myanmar Investment Masterclass on May 29 in Singapore.

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