Jul 20, 2013

UK to invest in Myanmar's oil, gas and travel sectors

The United Kingdom has pledged to invest over US$385 million in Myanmar in two years time, according to statistics of the Directorate of Investment and Company Registration.

The UK invested over US$2659.954 million in March 2011, and the investment is increased to over US$3045.434 million in June 2013. China is still the biggest investor in Myanmar with more than US$14 billion. The UK is standing in 5th place behind China, Thailand, Hong Kong and South Korea.

The UK is making investment in nine sectors in 2013. On June 12 the Myanmar Investment Commission (MIC) gave permission to UK-based Leisure Holdings Asia Ltd. to organise river cruises between Yangon, Mandalay, Began, Banmaw, Mawlite and Homemalin. On May 10 the MIC is also allowed the joint venture of UK based HC (Asia) Holding Co. Ltd. and a Myanmar company to establish a production plant of plastic bottles in Mingalardon Industrial Zone.

During his trip to the UK, Myanmar President Thein Sein invited UK companies to invest more. Myanmar has plenty of natural resources and needs foreign investment to develop into an industrialised country like UK.

Source: Eleven Weekly Media