New investment summit opens in Myanmar

Source:Xinhua Published: 2012-6-21 10:10:11

New Myanmar Investment Summit 2012 began here Wednesday with over 200 foreign companies seeking investment in the country.

Organized by Singapore-based Centre for Management Technology ( CMT) company, the two-day summit was joined by over 300 businessmen from more than 20 countries including Australia, Bangladesh, Indonesia, Singapore, the United States, United Kingdom, Canada and France, Managing director of CMT company G. Seelan told Xinhua.

Investment opportunities in key sectors of Myanmar's economy were discussed at the summit by senior government officials and business executives.

Dr. Kan Zaw, deputy minister of National Planning and Economic Development, said that Myanmar had been endeavoring to take part in steps towards ASEAN as a single market through ASEAN Economic Community by taking economic initiatives.

Foreign businessmen said that it is a good opportunity for foreign investors to start business in Myanmar and investment in the country should start as early as possible.

The summit was held as Myanmar has favorable investment climate in such sectors as agriculture, hotel and tourism, manufacturing, infrastructure, livestock and fishery, forestry, oil and gas, mining and electric power.

Meanwhile, a bill on the amendment of the over-two-decade-long foreign investment law is to be touched upon in the next parliament session due on July 4.

Two new laws on foreign direct investment were enacted early this year, namely the Special Economic Zone Law and Dawei Special Economic Zone Law.

According to figures disclosed at the summit, there were over 30 billion U.S. dollars of foreign direct investment in Myanmar in 11 sectors from 22 countries or regions.

China ranks first among the 22 nations with an investment of over 13 billion U.S. dollars, followed by China's Hong Kong and South Korea.

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