Myanmar allows 13 more local, foreign firms to make investments

Myanmar has allowed two more domestic companies and 11 foreign firms in December alone to make investments in the country, the Myanmar Investment Commission said Thursday.

Of the 11 foreign firms, two will invest in joint ventures with locals, Xinhua rported.

The 13 companies will invest in sectors like manufacturing, finished-wood production, mobile phones assembly and packaging, garment and shoe manufacturing, condominium construction and oil and gas exploration.

Mobile phones assembly and packaging will be done in Yangon, while oil and gas exploration will be carried out by a local company and a Singapore company under production sharing basis at Rakhine and Taninthayi offshore blocks, the commission said.

Statistics show that contracted foreign investment in Myanmar reached $50.61 billion in 828 projects as of the end of November this year since 1988.

Of the 37 countries and regions investing in Myanmar, China ranked first in terms of value with over $14.48 billion, accounting for 28.61 percent of the total, followed by Thailand with $10.21 billion , Singapore with $7.03 billion and Hong Kong with $6.95 billion.