Myanmar allows 13 local, foreign companies to make investment in Dec

YANGON, Dec. 18 (Xinhua) — Myanmar has allowed two more domestic companies and 11 foreign firms totaling 13 in December alone to make investment in the country, according to the Myanmar Investment Commission on Thursday.

Of the 11 foreign firms, two are to invest in joint ventures with locals.

All of the companies are to take up manufacturing, finished- wood production, mobile phones assembly and packaging, garment and shoe manufacturing, condominium construction and oil and gas exploration.

Of them, mobile phones assembly and packaging will be operated in Yangon, while oil and gas exploration will be conducted by a local company and a Singapore company under production sharing basis at Rakhine and Taninthayi offshore blocks, the commission said.

Statistics show that contracted foreign investment in Myanmar reached 50.61 billion U.S. dollars in 828 projects as of the end of November this year since 1988.

Of the 37 countries and regions investing in Myanmar, China ranked first in terms of value with over 14.48 billion U.S. dollars, accounting for 28.61 percent of the total, followed by Thailand with 10.21 billion dollars, Singapore with 7.03 billion dollars and China’s Hong Kong with 6.95 billion dollars.

Source: ShanghaiDaily

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