May 18, 2012

Myanmar draws over 270 mln USD investment in 1st quarter

Myanmar drew over 270 million U.S. dollars in the first three months of 2012, local media reported Tuesday.

Of the investment coming from eight countries including China during the period, large investment was injected into the sector of oil and natural gas with over 247 million dollars, while in mining with nearly 20 million U.S. dollars, the Weekly Eleven News said.

Britain injected most investment in natural gas and mining sectors with nearly 100 million U.S. dollars.
According to official statistics, Myanmar attracted 8.464 billion U.S. dollar foreign investment in 2011.

Total foreign investment in Myanmar hit 40.429 billion U.S. dollars in 458 projects as of January 2012 since the country opened to such investment in late 1988.

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.

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.

Meanwhile, a bill on the amendment of the over-two-decade-long foreign investment law is to be touch upon in the next parliament session due in July in the process of Myanmar's economic reform.

Source: Xinhua