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Myanmar draws nearly 9 bln USD foreign investment in FY 2015-16

Xinhua, April 5, 2016 Adjust font size:

Myanmar drew nearly 9-billion-U.S. dollar foreign investment in the fiscal year 2015-16 which ended in March, up about 1 billion dollars from the previous fiscal year, an official report said Tuesday.

The increased investment was due to that injected into the sectors of energy, manufacturing and telecom, the Directorate of Investment and Company Administration was quoted as saying.

Myanmar received 4.1-billion-dollar foreign investment in 2013-14 and that number doubled by the end of year of 2014-15 as foreign firms won oil and gas concessions and international hotel chains started moving in.

Singapore topped the foreign investors line-up, followed by China, China's Hong Kong and the Netherlands.

According to official statistics, foreign investment in Myanmar totaled 59.153 billion dollars as of the end of 2015 since late 1988.

The Asian Development Bank forecast that Myanmar's economic growth would recover to 8.4 percent in 2016-17 partly due to pick-up in foreign investment. Endit