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Myanmar receives over 2 bln USD contracted foreign investment in two months

Xinhua, June 15, 2015 Adjust font size:

Myanmar received contracted foreign investment of 2.3 billion U.S. dollars in the first two months ( April-May) of the fiscal year 2015-16, sources with the Myanmar Investment Commission said Monday.

Of the foreign investment from 11 countries during the period, Singapore topped with 1.42 billion dollars.

The investment mainly flew into the sectors of energy, manufacturing as well as oil and gas.

Myanmar projects to receive 6 billion dollars's foreign investment in the current fiscal year of 2015-16 which began in April.

According to the Directorate of Investment and Company Administration, contracted foreign investment in Myanmar from 38 countries and regions reached 56.54 billion U.S.dollars in 929 projects as of the end of May this year from late 1988 when the country opened door to the outside world.

China remains as the top investor in Myanmar with 98 Chinese enterprises having invested 14.77 billion dollars, followed by Thailand with 10.29 billion dollars and Singapore with 10.24 billion dollars.

Sectorally speaking, oil and gas is leading with 19.64 billion dollars accounting for 34.74 percent, followed by power sector with 19.32 billion dollars and manufacturing with 5.65 billion dollars.

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. Endi