Thursday, 17 July 2014

Foreign investment in Myanmar totals 46.71 bln USD since 1988

YANGON, July 13 (Xinhua) -- Myanmar attracted 176 million U.S. dollars in foreign investment last month, thus bringing the nation 's total contracted foreign investment to 46.71 billion dollars as of June 2014 since 1988 when Myanmar opened its door to the outside world, local media reported Sunday.

In June, the investment from Japan, South Korea, Thailand, Singapore, Malaysia and China's Hong Kong mainly flew into such sectors as manufacturing, transport and communication, livestock and breeding as well as agriculture.

For the first half of 2014, foreign investment was mostly injected into the sector of transport and communication, totaling some 1.1 billion U.S. dollars.

Among the 36 countries and regions that had invested in Myanmar from 1988 to June 2014, China ranked the first with over 14.25 billion U.S. dollars, followed by Thailand with 10.11 billion dollars and China's Hong Kong with 6.54 billion dollars.

In terms of sector, electric power had received the largest amount of foreign investment of 19.28 billion U.S. dollars, followed by oil and gas, 14.37 billion dollars, and manufacturing, 4.12 billion dollars.

Myanmar promulgated a new foreign investment law in November 2012 to replace the over-two-decade-old 1988 similar law and reformed its investment commission in June this year as part of its efforts to draw more foreign investment into the country in line with its reform strategy.

source: Global Post
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