Dec 24, 2011

Foreign investment in Myanmar hits over 40 bln USD in 23 years

Foreign investment in Myanmar hit 40.424 billion U.S. dollars in 456 projects as of the end of November 2011 since the country opened to such investment in late 1988, according to the latest figures of the Directorate of Investment and Company Administration issued on Friday.

Of the 31 countries and regions investing in Myanmar, China led with 13.947 billion U.S. dollars accounting for 34.5 percent, followed by Thailand with 9.568 billion U.S. dollars, China's Hong Kong with 6.308 billion U.S. dollars, South Korea with 2.938 billion U.S. dollars, Britain with 2.659 billion U.S. dollars and Singapore with 1.818 billion U.S. dollars.

Sectorwise speaking, electric power took 18.873 billion U.S. dollars accounting for 46.6 percent, followed by oil and gas with 13.815 billion U.S. dollars, mining 2.794 billion U.S. dollars, manufacturing 1.753 billion U.S. dollars, hotels and tourism 1.064 billion U.S. dollars and real estate 1.056 billion U.S. dollars.

Other sectors remained as livestock and fisheries, transport and communications, industrial estate, agriculture, construction and other services, according to the statistics.

Myanmar promulgated its Foreign Investment Law in November 1988 after the military took over and the law had been in force for over 23 years till the new civilian government came into power in March 2011.

Meanwhile, a bill of amendment of the over-two-decade-long foreign investment law is being submitted to the ongoing parliament session for adoption, aimed at raising more foreign investment in the country, according to parliament sources.

Minister of National Planning and Economic Development U Tin Naing Thein said that the volume of foreign investment will be larger if the amendment is approved.

During the new government's five-month period since March this year, domestic investment increased by 13.41 million Kyats (17,880 U.S. dollars), bringing the total to 4.79 billion dollars in 807 projects as of August 2011 since March 1994 when the Myanmar Citizens Investment Law was promulgated. One more domestic investment worth 6.15 billion Kyats (8.2 million dollars) was also allowed, the ministry sources added.

Source: Xinhua