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Some 2.3 bln USD's proposed foreign investment in Myanmar awaiting approval

by June 12, 2016 General

YANGON, June 12 (Xinhua) — Myanmar’s newly formed investment commission will scrutinize some 2.3 billion U.S. dollars worth of foreign investment projects proposed since the new government took office in April, local media reported Sunday.

A total of 102 projects have been submitted since then for approval, half of which are intended foreign-invested ones, Aung Naing Oo, director-general of the Directorate of Investment and Company Administration, was quoted as saying.

An 11-member investment commission, led by U Kyaw Win, minister for planning and finance, was formed on Wednesday.

According to the report, the garment and fishery industries have attracted the majority of the proposed investment.

Investors for the proposed projects are mostly from China’s mainland, followed by China’s Hong Kong and Singapore.

The country drew 9.5 billion U.S. dollars’ foreign investment in the last fiscal year of 2015-16.

According to official statistics, foreign investment in Myanmar totaled 63.718 billion U.S. dollars as of the end of March 2016 since late 1988.