Myanmar gets 34.2 bln USD foreign investment in 25 years: Official

Myanmar gets 34.2 bln USD foreign investment in 25 years: Official

A Myanmar high ranking official has confirmed that over the past 25 years, Myanmar received a total of 34.2 billion U.S. dollars' actual foreign investment flow into the country, state media reported Friday.

The 34.2 billion USD from 25 countries and regions was injected into 381 projects of 11 sectors as of December 2013 from late 1988, Deputy Minister of National Planning and Economic Development Dr. Daw Khin San Yi told the ongoing Lower House session of the parliament in Nay Pyi Taw.

Myanmar promulgated a new foreign investment law in November 2012, replacing the over-two-decade-long 1988 similar law in a bid to further attract foreign investment to the country in line with its reform strategy.

The new law allows foreigners to make full investment or joint venture operation with local partners on mutually-agreed ratio of investment.

However, economists said that skyrocketing prices of real estate is deterring new foreign investment entering Myanmar.

The deputy minister further revealed that the government created over 300,000 job opportunities in the country as of the end of 2013 since 1988.

According to Myanmar Economic Indicators released by the International Monetary Fund (IMF), Myanmar's gross domestic product (GDP) grew 5.5 percent with consumer price inflation reaching 7.3 percent in 2013.

It is estimated that the country's GDP will rise 6.2 percent with a 6.6-percent consumer price rise in 2014.

xinhuanet