Jul 21, 2014

More than 3,000 companies registered under foreign investment law

A total of 3,032 foreign-based companies and more than 70 joint ventures have registered to open offices and to operate 720 projects under the foreign investment as of June, according to the Directorate of Investment and Company Administration.

"The investment commission gave approval to mostly garment factories, shoe factories and other manufacturing businesses. This will create employment opportunities for the citizens. On the other hand, labour rights should be ensured. It is bad if foreign investors could not ensure labour rights after getting approval for investment," said an executive from the Union of Myanmar Federation of Chambers of Commerce and Industry.

The government-approved foreign investment reached over US$46 billion last June. Meanwhile, the actual foreign investment was recorded at $36 billion.

Energy sector represents the largest amount of foreign investment as it accounts for $19.28 billion. Oil and gas sector follows next with the total foreign investment of $14.37 billion.

Source: Eleven Weekly Media