Foreign investment expected to reach US$8 billion this fiscal year

 

FOREIGN investment in Myanmar is expected to reach US$8 billion in the 2016-2017 fiscal year, said U ThanAungKyaw, the deputy director-general of the Directorate of Investment and Company Administration (DICA).

Foreign investment reached $9.5 billion last fiscal year, according to figures from DICA. The oil and natural gas sector stood first in attracting foreign direct investment (FDI). The energy and manufacturing sectors also attracted significant investments. The transport, communication, real estate, mines, and hotels and tourism sectors also attracted foreign investment, he added.

Foreign investments from 2011-2012 to 2015-2016 have created over 350,000 job opportunities. The Myanmar Investment Commission has been encouraging more FDI in trade, agriculture and infrastructure in order to speed up the country’s economic development and create more job opportunities.

Companies in Asian countries such as South Korea, Japan, Thailand, Singapore and China have major investments in Myanmar. Many American companies have invested in Myanmar through branch offices in South Korea and Singapore.

Myanmar received $1.413 billion in foreign investment in 2012-2013; $4.107billion in 2013-2014 and over $5 billion in 2014-2015. Myanmar has attracted more attention from foreign investors after the Foreign Investment Law was enacted.—Zar Zar

Source: The Global New Light of Myanmar

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