Posted by Arno Maierbrugger on February 12, 2013
Myanmar received $794 million in foreign investment over nine months of the 2012-2013 fiscal year, according to an announcement from the Myanmar Investment Commission on February 11.
“$794,345,000 were invested in various sectors of business in Myanmar from April 1 to December 31 of this fiscal year,” said U Kyaw Zaw Maung, the director of the Directorate of Investment and Company Administration under the Ministry of National Planning and Economic Development, according to Myanmar’s news agency Mizzima.
62 foreign companies were recorded as investing in a variety of industries from clothing and seed production to IT and electronic engineering.
China is the largest investor in Myanmar, accounting for nearly half of the current investment commitments.
Myanmar’s total foreign trade reached $13.3 billion in 2012, contributing to about 27 percent of the country’s gross domestic product for the whole year, after the country exported natural products including natural gas, agricultural products, gems and jewelry as well as timber and garments, and imported various products including diesel and petroleum, automobile, construction steel, medicine, food and electronic products.
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