Abstract: "Foreign Direct Investment is one of the main factors to improve trade in each and every country to boost its economy. The Union of Myanmar government announced the Foreign Direct In vestment Law in 2011. Then the new law was enacted on 2nd November 2012. It includes a lot of business which are "restricted or prohibited" items such as timber, forests, oil and gas, jade, pearls and precious stones, post and telecom, air and railway transport, banks, insurance, mining, power generation, defense related manufacturing. Those items are allowed on a case by case in doing joint venture or production sharing contracts. In Myanmar, there are some barriers which have been found in most of the Least Development Countries. And there are many favourable conditions to invest in Myanmar such as intrinsic strength, favourable location and international support. To achieve a step change in FDI and get closer to meeting the economy?s largest need for investment, as well as to contribute to diversely the sectors to which FDI goes, Myanmar needs to prioritise two main areas: developing a targeted FDI strategy led by a high performing agency and improving Myanmar?s business environment.".....Paper delivered at the International Conference on Burma/Myanmar Studies: Burma/Myanmar in Transition: Connectivity, Changes and Challenges: University Academic Service Centre (UNISERV), Chiang Mai University, Thailand, 24-­26 July 2015.