Foreign investment set to double, say analysts

[SeaVisionBurma]

Foreign investment in Myanmar is set to more than double this year, the country’s investment commission predicts. MIC anticipates an inflow of about US$3.5 billion for fiscal 2013-2014, compared to last year’s total of $1.4 billion, said U Aung Naing Oo, director general of the Directorate of Investment and Company Administration (DICA).

From The Myanmar Times by Aye Thida Kyaw

“Much of the investment is going to manufacturing, especially the garment industry,” he said.

Foreign investments had already reached $2 billion as of November, of which 80 percent went into the manufacturing sector.

The MIC is still negotiating with foreign companies for about $300 million, with another $1 billion expected to come in from two telecom companies next year.

The sources of the investment include countries estranged from Myanmar for many years, including Australia, the US and France, as well as some newcomers like Luxembourg and the United Arab Emirates, he said.

Read the full article here: http://www.mmtimes.com/index.php/business/9437-government-expects-foreign-capital-to-double-in-2013-14.html