May 30, 2014

Citizen investment increases by 60%

Investment by Myanmar businesses has increased by 60 percent to almost Ks 4.5 trillion (US$ 4.5 billion) in the 2013-14 fiscal year, according to the Directorate of Investment and Company Administration.

The total local investment was recorded at Ks 4.5 trillion at the end of March, an increase from Ks 2.8 trillion (US$ 2.8 billion) last year.

Manufacturing represents the largest portion of local investment, followed by the construction sector, hotels and tourism.

There are more than 37,000 local companies in Myanmar. They have invested in 11 sectors, including mining and energy. About Ks 3 trillion of local investment began in the last three years since Thein Sein’s government began a series of political and economic reforms.

However, no evaluation, audit or investigation has been done into the source of income investing in local projects, leading critics to suspect the use of black money or illegal wealth, especially in real estate and construction.

Source: Eleven Weekly Media