Myanmar's new foreign investment law was under hot discussion in the ongoing session of the parliamentary House of Representatives (Lower House) in Nay Pyi Taw Tuesday, involving the House's committee, commission, entrepreneurs and scholars, official media reported Wednesday.

Speaker of the Lower House Shwe Mann said the foreign investment law is a crucial one for the country which must be complete and in the interest of the state and the people, warning of a flood of investment opportunities for foreigners once the law is enacted.

After discussion in the Lower House, the foreign investment law would be sent to the House of Nationalities (Upper House), he said, adding that it would be assumed that the law has been approved by the parliament if there was no amendment from the Upper House and endorsement would be made by the president in 15 days subject to no comment from him.

He called for final rapid discussion of the law in the Lower House in not more than seven days to pave way for the completion of the process.

According to official statistics, total foreign investment in Myanmar had hit $41.029 billion as of June 2012 since the country opened to such investment in late 1988.