Most foreign investment goes into natural resources sector, says MIC chairperson

Zay Yar Aung, chairperson of the Myanmar Investment Commission (MIC) told a parliament session yesterday that foreign companies have invested at least US$39 billion in 522 businesses to date, most of which has gone into the natural resource sector.

He said according to MIC data, between the introduction of the Foreign Investment Law on November 30, 1988, and September 30, 2014, the Myanmar government allowed foreign companies to invest $49.9 billion in a total of 783 businesses. But for various reasons, a total of 261 business were disqualified, resulting in a loss of $10 billion. Now, 522 businesses receiving $39 billion in foreign direct investment remain.

In that period, 74.88 per cent of foreign companies invested in the natural resources sector. The rest invested in other sectors, such as agriculture and livestock breeding. Some fear not enough is being invested into Myanmar's infrastructure.

Meanwhile, the MIC has allowed a total of 22 Myanmar national companies to run 22 businesses with initial investments of Ks 583.4 billion plus $115.5 million.