Foreign investment in Myanmar hits over 3 bln USD in first half of FY 2014-15
YANGON, Feb. 25 (Xinhua) — Foreign direct investment in Myanmar hit 3.676 billion U.S. dollars in the first half (April- September) of the fiscal year 2014-15, according to the Foreign Investment Commission Wednesday.
The commission told the ongoing parliament that a total of 99 new foreign firms were allowed for investment with 3.584 billion U. S. dollars and four other operating business companies were permitted for additional 92.786 million U.S. dollars during the period.
Among the foreign investment during the period, transportation sector stood first, accounting for 36.83 percent, followed by energy sector with 21.9 percent and property development with 16. 95 percent, the commission said.
The new foreign investors are from European Union countries such as the United Kingdom, France, the Netherlands and Sweden with increasing investment from Singapore, Vietnam, Malaysia, Thailand, China’s Hong Kong, India, Canada and Luxembourg, the commission added.
According to official compiled statistics, contracted foreign investment in Myanmar has reached 52.841 billion U.S. dollars injected by 859 foreign enterprises as of the end of December 2014 since 1988.
The foreign investment covered the sectors of power, oil and gas, manufacturing, mining, transport and communication, hotels and real estate.
Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-old 1988 similar law and reformed its investment commission in June 2014 as part of its efforts to draw more foreign investment into the country in line with its reform strategy.