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Myanmar opens to 101 foreign firms in 1st half of year

Xinhua, October 30, 2015 Adjust font size:

Myanmar has permitted 101 foreign firms to invest in the country in the first half (April to September) of the 2015-2016 fiscal year, sources with the Directorate of Investment and Company Administration said on Friday.

The permitted investment sectors cover oil and gas, manufacturing, transport and communication, hotel and tourist, real estate, mining and other services.

Of the total investment of 3.28 billion U.S. dollars during the period, the oil and gas sector stood first with 2.05 billion USD, followed by manufacturing with 590.057 million USD, transport and communication with 270 million USD, real estate with 232.87 million USD, other services with 85.05 million USD, hotel and tourist with 50.75 million USD and mining with 2.183 million USD.

Foreign investment mainly flows into Myanmar from Australia, Brunei, China, China's Hong Kong, India, Indonesia, Japan, Malaysia, South Korea, Singapore, Thailand, Netherlands, Britain and the United States.

According to DICA, the annual contracted foreign investment nearly doubled from 4.1 billion USD in 2013-2014 to 8.01 billion USD in 2014-2015, expecting to receive 6 billion USD in the current fiscal year of 2015-2016.

Official statistics show that foreign contracted investment in Myanmar hit 57.5 billion U.S. dollars as of September 2015 since late 1988 when the country opened to such investment.

China has remained the top foreign investor with 14.87 billion USD since 1988, followed by Singapore with 10.85 billion USD and Thailand with 10.297 billion USD. Enditem