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Myanmar heading for fifth five-year plan for economic development
Myanmar is heading for its fifth five-year plan (2011-12 to 2015-16) for national economic development, setting an annual target of 10.5-percent economic growth for the fiscal year 2011-12 starting in April.
FOREIGN INVESTMENT
According to Myanmar official statistics, Myanmar had drawn a total of 36.05 billion U.S. dollars of foreign investment up to March this year since late 1988 when Myanmar started to adopt a market-oriented economic policy.
Of the total foreign investment coming from 31 countries and regions, China (including Hong Kong) was leading with 15.5 billion dollars, followed by Thailand with 9.56 billion dollars, South Korea 2.915 billion dollars, Britain 2.659 billion dollars and Singapore 1.818 billion dollars.
Sectorwise investment as of the date was shown as 14.5 billion dollars in electric power, 13.8 billion dollars in oil and gas, 2. 8 billion dollars in mining, 1.7 billion dollars in manufacturing and 1 billion dollars in hotels and tourism.
Markedly in the single year of 2010-11, Myanmar drew over 20 billion USD's foreign investment, registering a huge figure of foreign investment which is more than that absorbed over the past two decades.
Of the investment during the year, Chinese mainland led with 7.75 billion dollars, followed by Thailand with 2.14 billion dollars, China's Hong Kong with 5.79 billion dollars, South Korea with 2.67 billion dollars, Britain with 799 million dollars and Singapore with 226 million dollars.
Of the investment sectorwise, oil and gas received 10.17 billion dollars, electric power 8.218 billion dollars, mining 1. 396 billion dollars and manufacturing 66.32 million dollars.
FOREIGN TRADE
In the foreign trade sector, it went up to 15 billion U.S. dollars in 2010-11 from 11.8 billion dollars in 2009-10. The exports accounted for 8.864 billion dollars, up over 1 billion dollars from the previous year. The export earned most with the sectors of oil and gas, agricultural produces such as rice and beans, gems and marine products.
Countrywise speaking, Thailand stood the first in Myanmar's exports destinations with 2.905 billion dollars, followed by China (1.204 billion dollars), India (871.93 million dollars), Singapore (457 million dollars) , Malaysia (437.82 million dollars), Japan ( 238.12 million dollars) and South Korea (149.28 million dollars).
As for border trade, Thailand also represented Myanmar's biggest exports destination with 2.9 billion dollars, followed by China (1.2 billion dollars) and India (870 million dollars).
Countrywise speaking with the foreign trade sector, it is dominated by Thailand, followed by China, India and Bangladesh.
MORE COOPERATION WITH FOREIGN COMPANIES IN OIL AND GAS SECTOR
Myanmar has vowed to continue to carry out many special projects left behind by the previous government.
The government's special project implementation committee, chaired by President U Thein Sein, is focusing on oil and gas sector, working out guidelines to cooperate more with foreign companies in oil and gas exploration and production in different regions of the country.
More contracts are being initiated with related companies from China, Singapore and South Korea for oil and gas exploration and production as well as mining.
According to official statistics, foreign investment in Myanmar 's oil and gas has hit 13.5 billion U.S. dollars as of the end of 2010 since the country opened to such investment in late 1988.
Leading in foreign investment line-up sectorally, the oil and gas sector is followed by electric power with 11.341 billion, mining 2.395 billion, manufacturing 1.663 billion, hotels and tourism 1.064 billion and agriculture 96.351 million.
The country's gas export in 2009-10 amounted to 8.29 billion cubic meters, standing as the second largest gas exporter in Asia- Pacific region.
According to the geological condition, Myanmar has 14 geological valleys in the onshore regions, among which the state- run Myanmar Oil and Gas Enterprise has conducted surveys in the central region, Pyay and Delta regions.
It was revealed that there remains many more promising regions for exploitation of oil and gas in the country.
INDUSTRIAL ZONES AND SPECIAL ECONOMIC ZONES
Besides the over 600 state-owned factories, there is a total of 18 private-operated industrial zones across the country.
Myanmar's industrial sector contributes about 20 percent to the gross domestic product and private sector's contribution to the industrial sector stood 92.36 percent, statistics show.
In the latest development, Myanmar has laid down programs for the development of special economic zone (SEZ) as a follow-up of the promulgation of the SEZ law in January this year to attrcat increased foreign inevstment into the country for national economic development.
The SEZ is demarcated as high-tech industrial zones, information and telecommunication technology zones, export processing zones, port area zones, logistics and transportation zones, scientific and technological research and development zone.
Under the SEZ project, Myanmar and Thailand are cooperating in building the Dawei deep sea-port, industrial zone and road and rail link to Thailand in southern Tanintharyi region following the signing of a framework agreement on the deep seaport and its related infrastructure.
The project, which costs 13 billion U.S dollars, includes construction of the Dawei Deep Seaport, buildings for shipyard and maintenance work, establishment of zone, petrochemical industries, oil refinery, steel plant, power stations and Dawei-Bangkok motor road and railroad and laying of oil pipeline along the motorway and railroad, according to the framework agreement.
Moreover, China's CITIC Group and Myanmar also signed a supplementary contract to a memorandum of understanding on the Kyaukphyu economic and technical development zone and related port and railroad development projects.
xinhuanet
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