Myanmar’s foreign investment hits US$43 billion

                        Lapataungdaung copper mine project (Photo-Hein Min Htet)
  

Total foreign investment in Myanmar hit US$43 billion in August, according to Myanmar Investment Commission (MIC).

Over 600 foreign businesses invested a total of $43.68 billion in twelve sectors as of August 31, MIC reported.

“Myanmar has foreign investments from 32 countries in four major sectors: energy, oil and gas, mining, and manufacturing,” said an official from MIC.

China is the biggest investor in Myanmar, followed by Thailand, Hong Kong, South Korea, Britain, Singapore, Malaysia, France, Vietnam, and India.

Thailand is the largest importer from Myanmar. As much as 41 percent of Myanmar’s total exports went to Thailand last year, while 15 percent went to India, 14 percent to China, seven percent to Japan, four percent to South Korea, two percent to Malaysia, and one percent each to Singapore and Bangladesh, respectively.

Myanmar imported mainly from China, as usual, in 2012. A total of 37 percent of Myanmar’s imports came from China, while 20 percent came from Thailand, nine percent each came from Singapore and South Korea, eight percent from Japan, four percent from Malaysia, three percent each from India and Germany, one percent from Vietnam, and five percent from other countries.

The International Monetary Fund expects the GDP (gross domestic product) of Myanmar to increase to 5.5 percent in 2013 and 6.2 percent in 2014. The consumer price inflation is also forecast to increase to 7.3 percent in 2013 and 6.6 percent in 2014, respectively.

Myanmar’s total trade volume in 2012 was $25.16 billion. The trade deficit reached $5.76 billion because total exports stood at $9.69 billion and total imports were $15.46 billion.