LEFT CONTEXT KEY-WORD RIGHT CONTEXT Rift in Myanmar over draft investment law | Reuters  Edition:INArabicArgentinaBrazilCanadaChinaFranceGermanyItalyJapanLatin AmericaMexicoRussiaSpainUnited KingdomUnited States Home BusinessBusines IST Editor's Choice25 Jan 2013 Banks try to put past sins behind them at Davos24 Jan 2013 Cheese fire causes traffic meltdown in Norway tunnel22 Jan 2013 Rift in Myanmar over draft investment law Tweet Link this Share this * President worried restrictions will hurt economy - sources * Draft law limits foreign investment in 13 sectors * Myanmar tycoons seen benefiting from changes By Marti in Norway tunnel22 Jan 2013 Rift in Myanmar over draft investment law Tweet Link this Share this * President worried restrictions will hurt economy - sources * Draft law limits foreign investment in 13 sectors * Myanmar tycoons seen benefiting from changes By Martin Petty and Aung Hla Tun YANGON, Aug 29 (Reuters) - Protectionist clauses... EmailPrint Related TopicsRegulatory News » clauses... EmailPrint Related TopicsRegulatory News » Stocks    Wed Aug 29, 2012 4:14pm IST * President worried restrictions will hurt economy - sources * Draft law limits foreign investment in 13 sectors* Myanmar tycoons seen benefiting from changesBy Martin Petty and Aung Hla TunYANGON, Aug 29 (Reuters) - Protectionist clauses introduced by Myanmar's parliament to a long-awaited foreig 13 sectors* Myanmar tycoons seen benefiting from changesBy Martin Petty and Aung Hla TunYANGON, Aug 29 (Reuters) - Protectionist clauses introduced by Myanmar's parliament to a long-awaited foreign investment law have sparked concern the legislation will scare off foreign companies and benefit the crony capitalists who have long dominated its economy.Two sources with direct knowledge of the law sa foreign companies and benefit the crony capitalists who have long dominated its economy.Two sources with direct knowledge of the law say President Thein Sein wants to make it attractive to foreign investors and his office has been working behind the scenes to convince lawmakers to ease restrictions introduced by parliament, which could approve the draft this week.The law, crucial to foreign investment i investors and his office has been working behind the scenes to convince lawmakers to ease restrictions introduced by parliament, which could approve the draft this week.The law, crucial to foreign investment in one of Asia's last frontier markets, has been stuck in Myanmar's bicameral parliament for five months. Sources involved in the issue say 94 changes have been recently introduced, ostensibly to hel compete.New requirements for as much as $8 million in start-up capital and barriers for foreign joint ventures in 13 restricted sectors could ultimately force some foreign firms to reconsider investing in Myanmar, say officials with ties to the president."It will just benefit a handful of the businessmen who had already made a fortune," said a senior industry official with close knowledge of th anonymity because of the sensitivity of the issue.Since the suspension of most Western sanctions as a reward for economic and political reforms, many foreign businesses have held off committing to investments despite praising Myanmar's potential in sectors from tourism to timber, oil and gas.Coca-Cola Co, hotelier Marriott International Inc , automakers Suzuki Motor Corp and Ford Motor Co and tech firm threats as the government seeks to liberalise the economy and introduce greater transparency.The overhaul of the law puts restrictions on 13 sectors, limiting foreign firms to a maximum 49 percent investment. The restricted sectors include manufacturing, farming, agriculture and fisheries.The law would require foreign firms to put up between $5 million and $8 million in start-up capital for a 35-49 percen That would include dropping the $5 million start-up capital requirement and increasing foreign shares in joint ventures in the restricted sectors, the source said on the condition of anonymity.The investment law is one of the biggest pieces of legislation handled by a parliament that has become increasingly vocal under the leadership of lower house speaker, Shwe Mann, a decorated former general and a the former junta who has won international praise for his role in driving reforms in the 17 months since the military ceded power.Changes to the draft legislation, which initially allowed 100 percent investments by foreigners in any sector, followed a June 30 meeting in Yangon between Shwe Mann and Myanmar businessmen who urged an immediate review of the law.According to parliamentary sources, lower hous trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.comAbout Thomson Reuters Investor RelationsCareersContact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, smal Our global tax workstation Thomsonreuters.comAbout Thomson ReutersInvestor RelationsCareersContact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile