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Myanmar attracts over 8 bln USD foreign investment in 2011
Myanmar has attracted 8.464 billion U.S. dollars' foreign investment in 2011, of which 4.37 billion dollars were brought in during the nine months' period after the new civilian government took office on March 30, according to the latest official statistics.
Large investment was injected into the sector of electric power in the year with 7.532 billion U.S. dollars from China, followed by the sector of mining with 399 million U.S. dollars from China's Hong Kong, oil and gas with 367.4 million U.S. dollars from South Korea and Singapore, manufacturing with 88.82 million U.S. dollars also from China's Hong Kong, South Korea, Malaysia and Singapore, the Selected Monthly Economic Indicators said.
More figures show that total foreign investment in Myanmar hit 40.429 billion U.S. dollars in 458 projects as of January 2012 since the country opened to foreign investment in late 1988.
Of the 31 countries and regions investing in Myanmar, China led with 13.947 billion U.S. dollarsaccounting for 34.5 percent, followed by Thailand with 9.568 billion U.S. dollars, South Korea 2.938 billion U.S. dollars, Britain 2.659 billion U.S. dollars and Singapore 1.818 billion U.S. dollars.
Sectorwise speaking, electric power took 18.873 billion U.S. dollars accounting for 46.6 percent, followed by oil and gas with 13.815 billion U.S. dollars, mining 2.794 billion U.S. dollars, manufacturing 1.753 billion U.S. dollars, hotels and tourism 1.064 billion U.S. dollars and real estate 1.056 billion U.S. dollars.
Other sectors remained as livestock and fisheries, transport and communications, industrial estate, agriculture, construction and other services.
The existing Myanmar Foreign Investment Law had been in force for over 23 years.
Meanwhile, a bill on the amendment of the over-two-decade-long foreign investment law is under discussion in the ongoing parliament session for adoption as part of the country's economic reform.
xinhua
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