Nov 3, 2012

Myanmar draws over 660 mln USD foreign capital in seven months

Myanmar drew 662.25 million U.S. dollars' contracted foreign investment in the first seven months of 2012, the latest figures of the Central Statistical Organization show.

Of the total, 366.59 million dollars was injected into the sector of oil and gas, 193.77 million dollars into electric power, 72.33 million dollars into manufacturing and 19.89 million dollars into mining during the period from January to July.

China took the lead with 195.52 million dollars, followed by the United Kingdom with 138.59 million dollars, India with 84.5 million dollars, China's Hong Kong with 63 million dollars, Malaysia with 53.82 million dollars and Singapore with 48.21 million dollars.

Myanmar's actual existing foreign investment stood at 31.068 billion dollars from as of September, 10.018 billion dollars less than the permitted investment as of July, according to the Directorate of Investment and Companies Registration.

Myanmar promulgated a new foreign investment law late Friday. The New Foreign Investment Law, which replaced the over-two-decade- long 1988 similar law, is believed to open up much more opportunities for foreign investors to the resource-rich Southeast Asian nation.

Source: Xihua