Myanmar allows investment by 16 local, foreign companies in October

YANGON, Nov. 5 (Xinhua) — Myanmar allowed 12 local companies and four foreign firms to make investment in the country last month, the Directorate of Investment and Company Administration said on Wednesday.

Of the 12 national-owned companies, two are expected to invest in local and foreign air transportation services, while others will build and run hotels, private hospitals, produce stones or pave roads, as well as in shoe-manufacturing and garment.

The foreign firms are allowed in joint ventures in logistics services, cinemas, refurbishment of Mandalay airport and distribution of food and beverage.

Statistics show that since 1988 contracted foreign investment in Myanmar reached nearly 50 billion U.S. dollars with 783 foreign enterprises as of September.

Myanmar promulgated a new foreign investment law in November 2012, and reformed its investment commission in June as part of its efforts to attract more foreign investment in line with its reform strategy.

Source: Xinhua

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