May 21, 2012

Britain largest Myanmar investor so far this year

Myanmar drew in investments from eight countries of more than US$ 270 million in the first three months of 2012, local media reported Tuesday.

The bulk of the investments, more than $247 million, went into the oil and natural gas sector, said an article in the Weekly Eleven News on Tuesday.

The largest investor was Britain, investing almost $100 million in the natural gas and mining sectors, according to the newspaper.

Government statistics showed Myanmar attracted $8.464 billion in foreign investment in 2011. Total foreign investment reached $ 40.429 billion dollars in 458 projects as of January 2012 since the country opened to such investment in late 1988, the article said.

Overall, of the 31 countries and regions investing in Myanmar, China led with $13.947 billion accounting for 34.5 percent, followed by Thailand with $9.568 billion.

Sector-wise, electric power took $18.873 billion, accounting for 46.6 percent, followed by oil and gas with $13.815 billion; mining $2.794 billion; manufacturing $1.753; hotels and tourism, $1.064 billion; and real estate $1.056 billion.

Meanwhile, a bill amending Myanmar’s investment law is due to be approved in July during the next session of Parliament. 

Source: Mizzima