Myanmar has targeted US$8 billion (RM31.9 billion) foreign investment in the present fiscal year of 2016-17, according to the Directorate of Investment and Company Administration today.
The country drew US$9.5 billion foreign investment in the last fiscal year of 2015-16 which ended in March, up from 2014-15, The increased investment was due to that injected into the sectors of oil and gas, manufacturing and telecom.
Myanmar received US$1.413 billion foreign investment in 2012-13, US$4.107 billion in 2013-14 and over US$5 billion in 2014-15.
According to official statistics, foreign investment in Myanmar totalled US$63.718 billion as of the end of March 2016 since late 1988. China topped the foreign investors line-up with US$18.072 billion, accounting for 28.36% of the total, followed by Singapore with US$13.066 billion, Thailand with US$10.5 billion.
Sectorally, oil and gas stood atop with US$22.41 billion, accounting for 35.17% of the total, followed by power with US$19.684 billion, manufacturing with US$6.585 billion and transport and communication with US$5.085 billion.
Foreign investment during U Thein Sein’s previous five-year government term from 2011 to 2016 has created over 350,000 job opportunities.
The Myanmar Investment Commission has been encouraging more foreign direct investment in trade, agriculture and infrastructure in order to speed up the country’s economic development and create more job opportunities