Foreign investment in Myanmar triples

YANGON - Foreign investment in Myanmar is set to triple in the current fiscal year ending March 30, with 50% going into manufacturing, media reports said on Saturday.

Foreign direct investment between through Feb 28 amounted to more than 3.6 billion United States dollars, compared with 1.4 billion thie previous fiscal year, The New Light of Myanmar reported.

Aung Naing Oo, chief of the Directorate of Investment and Companies Administration, said half of the investment this year went into the manufacturing sector and 20% in telecommunications.

He said there were no "short-term foreign direct investments in Myanmar," because a new law on Foreign Direct Investment requires a duration of at least 20 years.

Myanmar was under military junta rule during 1988 to 2010, when most Western companies shunned the country because of economic sanctions imposed by the US and European Union (EU) or to avoid the bad publicity of doing business with the pariah state.

Most of the sanctions were dropped in 2012, after President Thein Sein was elected and quickly implemented a series of political and economic reforms designed to win back international acceptance.

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