"...Currently awaiting the signature of the president [returned unsigned to Parliament for amendment late October] is the new Foreign Investment Law designed to make the country more attractive to foreign investors. This law will grant them the right to hold long leases on land (until now leases have been greatly restricted and the state was the exclusive owner of most productive land). Overseas investors will also be able to enjoy a five-year profit tax ?holiday,” other tax concessions, and are guaranteed against the nationalization of their businesses (a necessary step given Myanmar?s long history of state expropriation). So far, so good, but Myanmar?s new Foreign Investment Law is also reflective of the country?s continuing divisions. The law has been heavily influenced by the interests of Myanmar?s ?crony” conglomerates, which in recent years have come to dominate key areas of the economy. With interests that extend to almost every sector, such cronies (as people in Myanmar routinely refer to them) are likely to feel the threat of foreign competition first and foremost. Accordingly, despite the liberal elements of the new Foreign Investment Law, other key clauses limit the role of foreign investors in a host of sectors, including retail trade, agricultural processing, fisheries and many light industries and services. The outcome of this struggle between liberal reformers and the beneficiaries of Myanmar?s past regime will ultimately shape the new Foreign Investment Law. This struggle will also determine if Myanmar is finally on the path to genuine transformational growth. A tiger in waiting perhaps, but not one yet."