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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.

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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.

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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
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.

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TOKYO (AFP) - Myanmar domestic carrier Asian Wings Airways has expressed disappointment that Japan's All Nippon Airways has dropped its plan to buy a 49 percent stake in the airline.

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TOKYO (AFP) - Japanese mobile carrier KDDI says it is planning to link up with trading house Sumitomo in a deal to invest about US$2.0 billion in developing wireless networks in Myanmar.

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While local banks may open as many branches as they like, foreign banks entering the market will be initially restricted to one branch if they operate solely as ‘Foreign Direct Investment’ operations, the Myanmar Central Bank has said.