Fuel sector tops foreign investment list

The oil and gas, transport and telecommunications sectors topped the foreign investor list, with US$4.9 billion invested by the end of December during this financial year.

Oil and gas came top with US$2 billion, followed by transport and telecommunications. Twenty countries, including Singapore and China, invested in these sectors.

Last financial year, the total foreign investment reached US$8 billion with oil and gas receiving the most, according to the Directorate of Investment and Company Administration.

In an effort to attract more investment, the Myanmar Investment Commission is implementing a long-term foreign direct investment promotion plan in the aim of attracting more than US$6 billion this year.

It is linked to moves to allow foreign companies to rent privately owned land, turning joint ventures into the firms with foreign investment in accord with the MIC’s directives. It also wants to relax rules on the use of remittances for investment.

Source: ELEVEN

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