Myanmar receives $900 million in foreign investment under new govt

Since Myanmar’s new government took office, the country has attracted more than US$900 million in foreign investment. The total amount for the 2016-2017 fiscal year is expected to reach $6 billion, said Aung Naing Oo, the secretary of Myanmar Investment Commission. 

"After we call a meeting for this month, foreign investment will have exceeded $1 billion," said Aung Naing Oo.

"We will try to get $6 billion by the end of this year. But now, we cannot compare it with the progress achieved before. We review the foreign investment situation every three months. The reality can only be known by the end of the year," he said.

The MIC secretary also said 90,000 jobs were created in the three months after the new government took office.

Major investments have been made in Myanmar’s manufacturing, communications and construction sectors.

Aung Naing Oo said the MIC would encourage the creation of more job opportunities for Myanmar citizens, the improvement of infrastructure and the promotion of investment in agriculture.

"At present, the MIC is doing these things. However, the government will decide to focus on the sectors that the people want to improve more when a new law is passed," he said.