Myanmar reforms investment commission to boost foreign investment   2011-06-08 19:27:39 FeedbackPrintRSS

YANGON, June 8 (Xinhua) -- Myanmar has reformed its Investment Commission as part of its efforts to draw more foreign investment into the country, local media reported Wednesday.

The 16-member Myanmar Investment Commission (MIC) was re- established in response to the call of President U Thein Sein for facilitating foreign investors to come to Myanmar for the purpose, said the Myanmar Newsweek.

To promote foreign investment, the MIC will cooperate mainly with China, India, and other Asian countries, the report said.

Official statistics show that total foreign investment in Myanmar has hit 36.05 billion U.S. dollars by April this year since 1988 when Myanmar opened to such investment.

Of the total foreign investment coming from 31 countries and regions, China stands in the first place with 9.603 billion dollars, followed by Thailand with 9.568 billion dollars, China's Hong Kong 6.308 billion dollars, South Korea 2.930 billion dollars, Britain 2.659 billion dollars and Singapore 1.818 billion dollars, according to the figures of the Union of Myanmar Federation of Chambers of Commerce and Industry.

Sectorwise investment as of the date is shown as 14.5 billion dollars in electric power, 13.8 billion dollars in oil and gas, 2. 8 billion dollars in mining, 1.7 billion dollars in manufacturing and 1 billion dollars in hotels and tourism.

However, a latest-released Chinese official statistics reveal that Chinese investment in Myanmar has soared to 12.32 billion dollars so far.

Myanmar promulgated its Foreign Investment Law in November 1988 and the MIC was formed in 1994.

Editor: Xiong Tong
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