YANGON, July 10 (Xinhua) -- Myanmar drew more than 408 million U.S. dollars of foreign investment in 20 projects in the first five months this year and tremendous foreign capital is expected to pour in to boost the development of the country.
The latest official statistics show that total foreign investment in Myanmar had reached 40.832 billion U.S. dollars by May 2012 since the country opened to foreign investors in late 1988.
A bill on the amendment to the over-two-decade-long foreign investment law is to be touched upon in the current parliament session which started on July 4 after the amendment of necessary laws and procedures including land lease, tax holidays and other sectors.
Analysts here say that once the new foreign investment law is enacted, tremendous foreign investment is expected to pour in.
A recent New Myanmar Investment Summit-2012 gathered over hundreds of foreign companies from more than 20 countries and regions to seek investment opportunities in Myanmar. They are expecting the early promulgation of the new foreign investment Law along with the review and amendment to some extent of policies related to finance and tax, trade and investment, and industry.
Myanmar has a favorable investment climate in such sectors as agriculture, hotel and tourism, manufacturing, infrastructure, livestock and fishery, forestry, oil and gas, mining and electric power.
Two new laws for Foreign Direct Investment were enacted early this year, namely the Special Economic Zone Law and Dawei Special Economic Zone Law. The first law is being revised.
Meanwhile, domestic private investment in Myanmar increased by 33 billion Kyats (26,400 U.S. dollars) in the first five months of 2012 to a total of 1,660.34 billion Kyats.
The Myanmar government has drafted a five-year short-term national development plan (2011-12 to 2015-16), aiming at a 7.7- percent annual growth of gross domestic product (GDP), with the per capita GDP growth to be raised 1.7 times or even three times. The plan is subject to parliament approval.