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Foreign investment has created 20,000 jobs in Burma since April

Around 20,000 jobs have been created in Burma during the current fiscal year thanks to the increase in foreign direct investment (FDI), according to government data.

In the first five months of the 2013-14 fiscal year (April to August inclusive), FDI topped US$1.8 billion, mostly focused in the garment manufacturing sector.


Foreign investment rate increases fivefold in wake of new law

Since Myanmar passed the new Foreign Investment Law in November 2012, the rate of foreign investment flowing into the country has increased fivefold, according to the Directorate of Investment and Company Administration (DICA).

In the past, the total foreign investment [for one year] in Myanmar used to be only around US$200 million. This year, it reached $1.4 billion in the first five months, DICA Director General Aung Naing Oo told the Myanmar Global Investment Forum on September 10.


Interra targets Myanmar's oil

Singapore's Interra Resources Ltd. said it would take approximately six weeks to determine the results of a development well drilled in Myanmar.
Interra said it started drilling well YNG 3258 in the Yenangyaung oil field in Myanmar.
The company said it was targeted a depth of 2,650 feet. It said the primary purpose of the exploratory well was to accelerate production from the oil reservoir.


Myanmars foreign investment hits US$43 billion

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.


India opens export-import bank office in Rangoon

The government-backed Export-Import Bank of India (Exim Bank) on Monday opened a representative office in Rangoon with the hope of promoting trade between India and Burma.
Exim Bank said in a statement it had already extended credit totaling US$247.43 million to projects in Burma in sectors including the railways, telecommunications, power and vehicle manufacturing and assembly.


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