Jan 15, 2015

Foreign investment tops US$2 billion in December

More than US$2 billion in foreign investment entered Myanmar in December 2014, $1.8 billion of which went into the oil and natural gas sector, according to Directorate of Investment and Company Administration.

The rest of the investments went toward the manufacturing, mining, transportation and communication, hotels and tourism, real estate and service sectors.

The government of Myanmar is trying to attract investment into its most labour-intensive sectors, according to the Myanmar Investment Commission.

Foreign investment has increased since the government allowed investors to rent privately owned land instead of just government-owned land, permitted them to operate independent foreign investment firms without local partners and eased the process of transferring foreign currency for investment.

The countries that invested in Myanmar include China, Thailand, Hong Kong, Singapore, the UK, South Korea, Malaysia, Vietnam, France, Japan, India, the Netherlands, the US, Indonesia, Australia, Russia, Austria, Panama, the UAE, Canada, Germany, Sweden, Denmark, Brunei, Cyprus, Luxemburg, Switzerland, Bangladesh, Sri Lanka, and others.

Foreign investors in Myanmar can operate here independently or form joint ventures with local firms.

Source: Eleven Weekly Media