Foreign investment nearly hits US$7 billion
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Foreign investment in Myanmar nearly reached US$7 billion in the first 10 months of the 2014-2015 fiscal year , according to Directorate of Investment and Company Administration (DICA).
From April 2014 to the end of January 2015, foreign investment in Myanmar amounted to over US$6.955 billion.
This amount well exceeds the foreign investment volume in the 2013-2014 fiscal year, when the volume was $4.107 billion.
Most foreign investment in Myanmar went into the energy sector. The smallest amount went into the construction sector.
The government of Myanmar is currently trying to attract investment into its most labour-intensive sectors, according to Myanmar Investment Commission (MIC).
Foreign investment has increased since the government allowed investors to rent privately owned land instead of just state-owned land, permitted them to operate as independent foreign investment firms without local partners and eased the process of transferring foreign currency for investment.
The countries that have invested in Myanmar include China, Thailand, Hong Kong, Singapore, the UK, South Korea, Malaysia, Vietnam, France, Japan, India, the Netherlands, the US, Indonesia, Australia, Russia, Austria, Panama, the UAE, Canada, Germany, Sweden, Denmark, Brunei, Cyprus, Luxemburg, Switzerland, Bangladesh, Sri Lanka and others.
Foreign investors are allowed to operate in Myanmar independently or form joint ventures with local firms.
