Aug 17, 2015

Oil and gas tops investment list

Between April and July there have been massive inflows of foreign investment into the oil, gas and manufacturing sectors, according to the Directorate of Investment and Companies Administration.

Investment has exceeded US$2.6 billion: US$383 million in the manufacturing sector; US$2 billion in oil and gas; US$120 million in transport and communication; US$50 million in hotels and tourism; and US$46 million in other services.

Australia, Brunei, China, Hong Kong, India, Indonesia, Japan, Malaysia, South Korea, Singapore, Thailand, the Netherlands, the UK, Vietnam, Qatar and South Africa invested in the oil and gas, energy, manufacturing, transport and communication, mining, hotels and tourism, real estate, agricultural, livestock, fisheries and services sectors.

Investment in the oil and gas sector is the largest although it is all concentrated in 151 domestic businesses.

In the last financial year, foreign investment exceeded US$8 billion, according to the DICA.

Myanmar Investment Commission is drafting a long-term plan to promote foreign direct investment, with hopes of attracting US$6 billion this fiscal year, DICA said.

Source: Eleven Weekly Media