May 29, 2017
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Myanmar receives over 730 mln USD's foreign investment in single month

Sule-Rangoon

Myanmar received 731 million U.S. dollars' contracted foreign investment in a single month of August, bringing the total to over 43 billion dollars as of the end of the month since 1988, local media reported Sunday.

The investment, which came from six countries and regions, was mostly injected in the manufacturing, making it the largest foreign-invested sector in 2013.

As of the end of August, official figures showed that China had put in 14.189 billion dollars, followed by the Hong Kong Special Administrative Region with 6.446 billion dollars, South Korea with 3.037 billion dollars, Singapore with 2.436 billion dollars, Malaysia with 1.625 billion dollars and Japan with 274 million dollars.

Myanmar promulgated a new foreign investment law in November 2012 in a bid to 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.

However, skyrocketing prices of real estate is deterring new foreign investors entering Myanmar, the authorities said.
     
According to a market survey, the price of one square foot of real estate along Yangon's main roads ranged from 1,000 dollars to 1,500 dollars at present.

The authorities are trying to fix the prices of estate properties for the Yangon region and those of the whole country will be addressed soon, a finance official said.

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