Myanmar’s aggregate foreign investment has exceeded US$49 billion, including over US$3 billion approved in this year, according to the Directorate of Investment and Companies Administration.
The agency, which keeps track on foreign direct investment (FDI), the investment value as of September 30, 2014, rose by US$3.68 billion from US$46.22 billion as of March 31, 2014.
This year, investors from 17 foreign countries asked permissions to invest in Myanmar including China, Thailand, Singapore, Britain, Korea, Malaysia, the Netherlands, India, Japan, the Philippines, Canada, Libya, Brunei, Luxembourg, Sweden and Samoa.
Among the countries that sought investment permissions, Singapore made the highest investment value in Myanmar, followed by China, Thailand, Britain, the Netherlands and Canada.
Since the foreign investment law was effective, foreign countries have been allowed to invest in many business sectors such as energy, petroleum and natural gas, production, mining, transportation and communication, hotels and tourism, real estate, livestock and fisheries, agriculture, industrial zone, construction and other service sectors.
Among them, the energy sector sees the most foreign investment interest.
If foreign-based companies want to invest in Myanmar, they have to register their companies first at the Directorate of Investment and Companies Administration and then propose the Myanmar Investment Commission the type of business they want to invest in.
The Myanmar Investment Commission will approve the proposals and give permissions to the foreign companies based on the recommendation and scrutiny from related regional and state governments and related ministries and organisations.
Source: ELEVEN MYANMAR