60 MPs voted 'for' reviewing the law in a fast track procedure requiring only two readings, while 28 voted 'against'.
A further 62 MPs voted to adopt the proposals while 21 abstained and one voted 'against'.
The amendments would allow the state to block the sale of strategic infrastructure companies, including energy companies and broadcast media.
These companies will have to have permission from the state to change ownership.
Likewise these companies will have to give the government information about shareholders, members and indirect owners.
The state will be able to ask shareholders sell their shares, as well as strip them of voting rights within the company.
"It is understood that this concerns not ten deals that would take place soon, but it could concern two or three deals within the next few years. So this law will not have a great effect on the economy," said Karlis Serzants.
The second and final reading will take place March 23.