Thursday, August 9, 2012

Oil, gas investments lead in Burma’s first five months

Thursday, 09 August 2012 14:21 Mizzima News    

In the past two decades, a total of 477 foreign companies have invested in Burma, for a total of US$ 41.029 billion as of June 2012.

Work underway in the Shwe gas field.  Photo: Shwe Gas

According to government figures, in the first five months of 2012, Burma attracted over US$ 408 million in foreign investment in 20 projects from 10 countries and regions.

The oil and gas sector accounted for $366.59 million, followed by manufacturing with $21.424 million and mining with $19.897 million.

Burma opened to foreign investment in late 1988, according to an article in Popular News on Tuesday.

Most of the foreign companies were from Singapore, followed by Thailand, Britain, South Korea, Malaysia, China's Hong Kong, China, Japan, the United States and Australia, said the Directorate of Investment and Companies.

The investments were mainly in electrical power, oil and gas, mining, industrial estate, hotel and tourism, livestock and fisheries and transportation.

Of the companies, 170 were engaged in the industrial estate sector, while 113 were in oil and gas and 66 in mining.

Country or region-wise, Britain led with $138.597 million, followed by India with $73 million, Hong Kong with $60 million, Malaysia with $49.5 million, Panama with $26 million, Singapore with $20 million, Vietnam with $18.147 million, South Korea with $15.24 million, Japan with $5.03 million and China with $1. 75 million.

According to the official figures as of June 30, 2012, there were 28,403 domestic companies, 1,356 foreign companies, 1,072 production-sharing companies, 72 joint venture companies, and 49 organizations.

Meanwhile, domestic private investment in Burma increased by 33 billion kyat ($37.93 million) in the first five months of 2012, reaching 1.66 trillion kyat as of May 2012, up from 1.62 trillion kyat in January 2012.

Leave a Reply