Investment expected to rise under new govt

More foreign investment is expected to enter the country under the National League for Democracy government, says secretary Aung Naing Oo of the Myanmar Investment Commission (MIC).

He said the economy had excellent potential.

“The incoming government is politically strong as it is elected by the people in accordance with their desires. There is great potential for domestic and foreign businesses in the country,” he said.

Most foreign investment went into the oil and natural gas sector with 39 per cent with telecommunications coming second with 30 per cent this year. The industrial sector received 16 per cent of total foreign investment.

The oil and natural gas sector received US$5.8 billion and the industrial sector US$4.7 billion under President Thein Sein’s government, said the MIC.

The telecommunications sector received US$3.7 billion.

Under a 20-year foreign investment promotion plan, US$6 billion is projected to enter the country this financial year, according to the Directorate of Investment and Company Administration.

“Everyone expects the incoming civilian government to be more transparent. And everyone welcomes this change. If there are excellent working conditions for companies, everyone will work harder,” said country manager Min Tala Nyan of Ball, a US company based in the Thilawa Special Economic Zone.

 

Source: Myanmar Eleven

 

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