Myanmar's parliament has agreed on signing Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention) as a prerequisite to attract foreign investment, official media reported Wednesday.

The approval of the parliament came after six lawmakers discussed the pros and cons of the signing at the parliament's ongoing session in Nay Pyi Taw.

Aung San Suu Kyi, a parliament member with the House of Representative, said in the session that "To make the economy a success, it all depends on trust. No matter what legislation is enacted and no matter what agreement is signed, no potential investor would make investment unless they have confidence in the (political) landscape of the country."

She called for preparing what is necessary, reiterating internal strength and competence as sine qua non to serve the interest of the citizens to the fullest, reported the New Light of Myanmar.

She also stressed the need of local judicial system to meet the international norms, recommending that legal experts should improve their professional knowledge of arbitration.

So far, 148 out of United Nations member countries have signed the convention according to UN Commission on International Trade Law (UNCITRAL).

Myanmar's contracted foreign investment amounted to 1.068 billion US dollars in the calendar year of 2012, falling sharply by 7.396 US billion dollars compared with 2011 when it was registered as 8.464 billion US dollars, according to the latest official monthly indicators.

Other official figures revealed in October 2012 showed that Myanmar's actual existing foreign investment registered 31.068 billion US dollars as of September 2012.

Meanwhile, Myanmar promulgated a new foreign investment law in November 2012 replacing the over-two-decade-long 1988 similar law in a bid to further attract foreign investment to the country in line with its reform strategy.