The Burmese parliament has passed a long-awaited foreign investment law that it hopes will lead to a flood of investment in the long-isolated state.

The new law allows foreign investors to own up to a 50 percent stake in joint ventures with Burmese business partners.

Lawmakers dropped a previous plan requiring a minimum investment of $5 million.

After decades of isolation, Burma's transition from military to civilian rule over the past 18 months has sparked intense interest by investors in the resource-rich Asian nation.