Myanmar targets $8bln foreign investment in FY 2016-17

Myanmar has targeted 8 billion US dollars foreign investment in the present fiscal year of 2016-17, according to the Directorate of Investment and Company Administration Monday.

The country drew 9.5 billion U.S. dollars 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 1.413 billion U.S. dollars foreign investment in 2012-13, 4.107 billion U.S. dollars in 2013-14 and over 5 billion U.S. dollars in 2014-15.

According to official statistics, foreign investment in Myanmar totaled 63.718 billion U.S. dollars as of the end of March 2016 since late 1988.

China topped the foreign investors line-up with 18.072 billion U.S. dollars, accounting for 28.36 percent of the total, followed by Singapore with 13.066 billion U.S. dollars, Thailand with 10.5 billion U.S. dollars.

Sectorally, oil and gas stood atop with 22.41 billion U.S. dollars, accounting for 35.17 percent of the total, followed by power with 19.684 billion U.S. dollars, manufacturing with 6.585 billion U.S. dollars and transport and communication with 5.085 billion U.S. dollars.

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.