Aug 7, 2012

Nearly 500 foreign firms invest in Myanmar in over two decades

A total of 477 foreign companies came and invested in Myanmar over the past two decades, injecting 41.029 billion U.S. dollars as of June 2012 since the country opened to such investment in late 1988, local media Popular News reported Tuesday.
Most of the foreign companies were from Singapore, followed by Thailand, Britain, South Korea, Malaysia, China's Hong Kong, China, Japan, the United States and Australia, the Directorate of Investment and Companies was quoted as saying.
Their investment were scattered in sectors of power, oil and gas, mining, industrial estate, hotel and tourism, livestock and fisheries and transportation.
Of the companies, 170 were engaged in industrial estate sector, while 113 in oil and gas sector and 66 in mining.
According to latest official statistics, in the first five months of 2012, Myanmar drew over 408 million U.S. dollars' foreign investment in 20 projects from 10 countries and regions.
During the period, the largest investment was injected into the sector of oil and gas with 366.59 million dollars, followed by manufacturing with 21.424 million dollars and mining with 19.897 million dollars.
Country- or region-wise, Britain led with 138.597 million dollars, followed by India with 73 million dollars, China's Hong Kong with 60 million dollars, Malaysia with 49.5 million dollars, Panama with 26 million dollars, Singapore with 20 million dollars, Vietnam with 18.147 million dollars, South Korea with 15.24 million dollars, Japan with 5.03 million dollars and China with 1. 75 million dollars.
According to the figures as of June 30, 2012, there were 28,403 domestic companies, 1,356 foreign companies, 1,072 production- sharing companies, 72 joint venture companies, and 49 organizations.
Meanwhile, domestic private investment in Myanmar increased by 33 billion Kyats (37.93 million U.S. dollars) in the first five months of 2012, reaching 1.66 trillion Kyats as of May 2012, up from 1.62 trillion Kyats in January 2012.

Source: Xinhua