Draft legislation amalgamating Myanmar's two investment laws is expected to be completed in November, Directorate of Investment and Company Administration director general U Aung Naing Oo has told Mizzima.
The oil and gas sector comprised US$670 million (about K670 billion), or nearly a third, of foreign investment totalling $2.443 billion approved in August, show figures from the Directorate of Investment and Companies Administration.
Foreign investment in August was nearly half the US$5 billion targetted for the 2014-2015 fiscal year, Department of Investment and Companies Administration director-general U Aung Naing Oo told journalists this week.
U Sett Aung, the vice chairman of the Central Bank of Myanmar told a press conference held in Yangon on September 14 that foreign banks would be given permission to operate Myanmar at some point in late September or early October.
|US Trade Representative Mr Michael Froman greets the Minister of Electric Power, U Khin Maung Soe, at the signing ceremony for the solar power project, in Nay Pyi Taw on August 28. Looking on are Myanmar officials and the US ambassador to Myanmar, Mr Derek Mitchell. Photo: US embassy|
An agreement to build Myanmar's first solar energy project at an estimated cost of about US$480 million has been signed by United-States based ACO Investment Group and the Ministry of Electric Power, US Trade Representative Michael Froman said in a statement.