Nay Pyi Taw, Dec 14 (IANS): Myanmar authorities will enforce a new Companies Law next year to attract more foreign investment.

The new Myanmar Companies Act, approved by Parliament this month, was enacted to replace the Companies Act of 1914, Xinhua news agency reported on Thursday.

According to the Directorate of Investment and Company Administration (DICA), the new law will facilitate rapid registration for companies using the online registration system.

In accordance with the new law, foreign investors will be allowed to take up to 35 per cent in a local company.

Previously, a company with even 1 per cent of its shares owned by a foreign investor was classified as a foreign company, instead of a local company.

According to statistics, foreign direct investment (FDI) in Myanmar totalled to over $4.3 billion in the first half of the fiscal 2017-18, increasing by $3 billion, compared to the same period of the last fiscal.