Electricity sector Tops Foreign Investment in Nov and Dec

Foreign investment in the electricity sector reached to over US$242 million (324 billion kyat) and topped the list for November and December last year, with the transport and telecommunications sector following with US$164 million, according to the Myanmar Investment Commission (MIC).

The MIC approved $234 million of foreign investment in November and $307 million worth in December.

The foreign investment in transport and telecommunications sectors were $143 million in November and $20 million in December respectively.

In the electricity sector, $242 million in foreign investment was made during December.

Foreign investment in the industrial sector was $47 million in November and $24 million in December. Up to $7 million worth of investment in livestock breeding and the fisheries sector was made in November and December. In other sectors combined, $25 million in foreign investment was approved over the two months.

Over $1 million in foreign investment entered the country in November destined for the mining sector.

However, only $1 million in foreign investment was made in November and December in the farming sector. Foreign investors spent $28 million in the industrial zone construction sector, announced the MIC.

The foreign investments approved in the two months created over 16,000 job opportunities for locals.

More than $5 billion worth of foreign investment entered Myanmar up until now in the 2017-18 fiscal year, with Singapore the biggest investor in Myanmar, according to the MIC.

 

Source: Eleven Myanmar

 

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