YANGON — Myanmar received record foreign direct investment of more than US$8 billion in the in 2014-15 budget year across 12 sectors, an official said Wednesday.
According to the Directorate of Investment and Company Administration (Dica), foreign direct investment in Myanmar has grown sharply since 2012 and in 2014-15 nearly doubled from the year before.
"Last fiscal year, we had only $4.1 billion FDI, and it becomes double in 2014-15 fiscal year," Dica Secretary Aung Naing Oo said.
Among the sectors attracting foreign investment during the fiscal year ended on March 31, the oil and gas sector led with $3.2 billion, followed by transport and communication with approved capital of $1.7 billion, manufacturing with $1.5 billion, real estate with $780 million and hotel and tourism with $360 million, official data showed.
Myanmar has a target of $6 billion in FDI in the current 2015-16 budget year, Aung Naing Oo said.
In the last three years, FDI into Myanmar has beaten its targets.
Foreign investors have been pursuing untapped opportunities in Myanmar, which restored civilian rule in 2011 after being governed by the military for decades.
Myanmar received $54.2 billion in foreign direct investment from 895 permitted companies from 38 countries from 1988-2015.
China remains the top investor in Myanmar, with 74 Chinese enterprises having invested $14.8 billion, followed by Thailand with $10.3 billion and Singapore with $8.8 billion.