Myanmar invites more foreign investment to boost growth Myanmar invites more foreign investment to boost growth

Myanmar invites more foreign investment to boost growth

Myanmar is inviting more foreign direct investment (FDI) to boost growth in the country, said U Zay Yar Aung, chairman of the Myanmar Investment Commission Tuesday.

U Zay Yar Aung, who is also the minister of energy, told the Myanmar Global Investment Forum that the country needs large infrastructure investments in power generation, transportation, special economic zones, and resource development, as well as other supporting infrastructure to realize its long-term growth and development.

FDI will almost certainly increase this year and next, particularly as major announcements related to oil and gas tenders, solar power projects and other energy sector investments signal a new influx of business engagement, he said.

The two-day forum, held in Nay Pyi Taw, was jointly organized by the Myanmar Investment Commission and the Euromoney Institutional Investors (Asia).

The bulk of investment has been in labor-intensive industries such as manufacturing, construction and tourism, while more money is also pouring into telecommunications and financial services sector, U Zay Yar Aung said.

According to official statistics, foreign contracted investment in Myanmar has hit 57.12 billion U.S. dollars as of August 2015 since late 1988 when the country opened to such investment.

It is expected to receive 6 billion U.S. dollars in the current fiscal year 2015-16, the Myanmar Investment Commission said.

Source: Xinhua News Agency

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