Telecom sector topped the foreign investment line-up of Myanmar with 47.07 percent of the total investment flowing into the country in the fiscal year 2016-2017, according to the statistics of Myanmar Investment Commission (MIC) Tuesday.
The telecom sector was followed by industrial sector with 25.5 percent and the rest went to power, hotel and construction sectors.
The country received a total foreign investment of 3.46 billion U. S. dollars as of Dec. 17. Singapore stands as the largest foreign investor of Myanmar.
However, the total foreign investment in this fiscal year was down by over 1 billion US dollar as compared with that of the same period of last fiscal year, failing to attain the targeted investment amount, said U Aung Naing Oo, Secretary of MIC and Director General of Directorate of Investment and Company Administration (DICA).
It was attributed to the watch-and-see attitude on new laws and regulations by foreign investors and policies of the new government. But in next year, more foreign investments are expected to enter the country, he added.
Myanmar's new Investment Law, endorsed on Oct. 18 with the approval of both Houses, was drafted in 2013 based on suggestions from experts and businessmen with the help of International Finance Corporation (IFC). It combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.
MIC announced in November the detailed investment policy in support of the government's 12-point economic policy introduced in July this year, highlighting the government's promises to attract foreign investment and promote sectoral investment.
The new investment law will take effect on April 1 next year, according to the DICA.
Courtesy Global Times