Foreign investment in Myanmar hits $42.95bn

Contracted foreign investment in Myanmar from 32 countries and regions hit 42.95 billion U.S. dollars as of the end of July 2013 since 1988, according to the latest official figures. Country-wise speaking, China led with 14.188 billion U.S. dollars, accounting for 33.04 percent of the total. China was followed by Thailand (9.979 billion dollars), China' s Hong Kong Special Administrative Region (6.404 billion dollars), the United Kingdom (3.045 billion dollars), South Korea (3.018 billion dollars), Singapore (2.358 billion dollars) and Malaysia ( 1.034 billion dollars). Sector-wise speaking, power sector led all sectors, with 19.237 billion dollars, accounting for 44.79 percent of the total. It was followed by oil and gas (14.372 billion dollars), mining (2.829 billion dollars), manufacturing (2.749 billion dollars), hotels and tourist (1.585 billion dollars) and real estate (1.056 billion dollars). Other sectors included livestock and fisheries, transport and communications, industrial estate, agriculture and construction. Meanwhile, passed by the parliament, Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two- decade-long 1988 similar law, in a bid to further attract foreign investment to the country in line with its reform strategy. The new law allows foreigners to make full investment, joint venture operation between foreigner and local citizen or related government department or organization on mutually-agreed ratio of investment.