Myanmar receives $3.6bn in foreign investment in FY 2013-14

Contracted foreign investment in Myanmar amounted to 3.6 billion U.S. dollars in the first 11 months (April-February) of the fiscal year 2013-14, according to official figures Saturday. Of the investment during this period, 50 percent flowed into the manufacturing sector while 20 percent went to the telecommunication sector. Meanwhile, foreign direct investment in Myanmar reached 1.4 billion dollars in the fiscal year 2012-13. There is no short-term foreign direct investment in the country under the FDI law, said U Aung Naing Oo, the director-general of the Directorate of Investment and Companies Administration of the Ministry of National Planning and Economic Development. Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-old 1988 similar law in a bid to further attract foreign investment to the country in line with its reform strategy.