Oil and gas tops FDI investment: DICA

The oil and gas sector accounted for most of the US$3.28 billion in foreign investment approved in the first half of the fiscal year, the Directorate of Investment and Company Administration said last week.

Investment in oil and gas totalling $2.05 billion was among the 101 projects approved in the six months to the end of September, showed DICA figures released on October 30, media reports said.

It was followed by foreign investment in manufacturing ($590.057 million), transport and communication ($270 million), real estate ($232.87 million), other services ($85.5 million), hotels and tourism ($50.75 million) and mining ($2.183 million).

DICA figures show that approved foreign investment nearly doubled from $4.1 billion in 2013-2014 to $8.01 to 2014-2015 and was expected to reach about $6 billion this fiscal year.

Myanmar has attracted a total of $57.5 billion since it opened to foreign investment in late 1988, show DICA figures to the end of September.

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China has accounted for most of the investment, with $14.87 billion, followed by Singapore with $10.85 billion and Thailand with $10.297 billion, the figures show.

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