FDI sets record $9.4b last year, Singapore tops list of investors

Myanmar attracted record foreign direct investment of US$9.4 billion for the fiscal year to the end of March, official figures showed last week.

The figure, from the Directorate of Investment and Company Administration, was for 217 projects. It included an unusually high number of approvals by the Myanmar Investment Commission at a meeting last month days ahead of the change of government.

Myanmar attracted FDI of $8 billion in 2014-2015 and $4.1 billion in 2013-2014.

The oil and gas sector attracted the most investment last fiscal year, followed by transport and communication and manufacturing, Reuters reported.

It said Singapore, which invested $4.3 billion in 55 projects, topped the list of foreign investors, followed by China, which invested $3.3 billion.

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Meanwhile, Commerce Ministry figures show that the volume of border trade with neighbouring countries rose six percent in 2015-2016 over the previous fiscal year, state-controlled media reported.

Cross-border trade by volume was worth $7.4 billion, including $2.5 billion for imports and $4.4 billion for exports, the Global New Light of Myanmar reported.

This was an increase of $400 million over 2014-2015, it said.

Myanmar has 15 border trade crossing points, with the busiest being Muse, bordering China in Shan State.

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