Investors from the United Kingdom,
Canada, Australia, Thailand, Vietnam, Korea, Brunei, Malaysia,
Singapore, China and India made a range of investments in Myanmar
between April 1 and July 31, 2013.
The majority of investments were made in
the manufacturing and tourism sectors. About $570 million was invested
in 13 new manufacturing businesses, said Dr Khin San Yi at a
parliamentary session on August 5.
Meanwhile, $221 million went to the
hotels and tourism industry that saw one new business during the period.
Other foreign investments include those in agriculture, farming and
service sectors.
The statistical figure of total foreign
investments in Myanmar until end of June 2013 was $43 billion. However,
the actual figure is only $33 billion, Dr Khin San Yi explained.
She attributed the $10 billion
difference to the two facts - some companies have withdrawn after their
business approval expired, and some do not make full investments
according to their claim at the time of application for investment
approval.
According to official statistics, over 88 percent of total foreign investment goes to Myanmar’s oil, gas and mining sectors.
Members of parliament called on the
investment commission to focus on raising investments in agriculture and
farming. They pointed out the country’s agricultural economy is
directly related to peoples livelihoods.
They also called for concrete rules and
regulations on the cigarette and alcohol companies, as the investment
commission has recently approved many new entrants to the market while
there is lack of strong mechanism to regulate such products.
source: Eleven Myanmar
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