Govt allows 707 foreign firms to operate in Myanmar

Foreign firms are flooding into Myanmar, and according to the Directorate of Investment and Companies Administration, through the end of April 2014, there are 707 foreign companies that have been allowed to operate in the country. Approximately 116 of those are being run by firms based in Singapore.

Foreign countries which have invested in Myanmar include: China, Thailand, Hong Kong, Singapore, United Kingdom, South Korea, Malaysia, Vietnam, France, Japan, India, Netherland, the United States, Indonesia, the Philippines, Australia, Russia, Austria, Panama, the United Arabs Emirates, Canada, Germany, Sweden and Denmark.

The amount of foreign investment during this period has topped US$46 billion, according to the latest information.

Although Singapore has operated the most firms, their investment capital is less than China’s. Of the investors from 36 countries, China ranks first, followed by Thailand.

Foreign investment goes primarily to energy, petroleum and natural gas, commodities production, mineral extraction, hotel and tourism, transportation and telecommunication, housing, livestock and fisheries, agriculture and construction sectors.

In addition, over the first four months of the year more than US$ 1100 million in foreign investment went into the transportation and telecom sectors.

The most invested sector is the lucrative energy sector, with about 41 per cent of the overall foreign investment, while construction draws the least investment.

The Myanmar Investment Commission (MIC) has scrutinised foreign investment within the Foreign Investment Law and Citizenship Investment Law, with the primary aim of providing jobs for local citizens.

source: Eleven Myanmar

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