Myanmar attracts a record foreign investment in 2014-15
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Myanmar received record foreign direct investment of more than 8 billion dollars in the in 2014-15 budget year across 12 sectors, an official said Wednesday.
According to the Directorate of Investment and Company Administration(DICA), foreign direct investment in Myanmar has grown sharply since 2012 and in 2014-15 nearly doubled from the year before.
"Last fiscal year, we had only 4.1 billion dollars FDI, and it becomes double in 2014-15 fiscal year," DICA Secretary Aung Naing Oo said.
Among the sectors attracting foreign investment during the fiscal year ended on March 31, the oil and gas sector led with 3.22 billion dollars, followed by transport and communication with approved capital of 1.68 billion dollars, manufacturing with 1.5 billion dollars, real estate with 780 million dollars and hotel and tourism with 360 million dollars, official data showed.
Myanmar has a target of 6 billion dollars in FDI in the current 2015-16 budget year, Oo said.
In the last three years, FDI into Myanmar has beaten its targets.
Foreign investors have been pursuing untapped opportunities in Myanmar, which restored civilian rule in 2011 after being governed by the military for decades.
Myanmar received 54.23 billion dollars in foreign direct investment from 895 permitted companies from 38 countries from 1988-2015.
