Myanmar heading for fifth five-year plan for economic development

Myanmar is heading for its fifth five-year plan (2011-12 to 2015-16) for national economic development, setting an annual target of 10.5-percent economic growth for the fiscal year 2011-12 starting in April.

FOREIGN INVESTMENT

According to Myanmar official statistics, Myanmar had drawn a total of 36.05 billion U.S. dollars of foreign investment up to March this year since late 1988 when Myanmar started to adopt a market-oriented economic policy.

Of the total foreign investment coming from 31 countries and regions, China (including Hong Kong) was leading with 15.5 billion dollars, followed by Thailand with 9.56 billion dollars, South Korea 2.915 billion dollars, Britain 2.659 billion dollars and Singapore 1.818 billion dollars.

Sectorwise investment as of the date was shown as 14.5 billion dollars in electric power, 13.8 billion dollars in oil and gas, 2. 8 billion dollars in mining, 1.7 billion dollars in manufacturing and 1 billion dollars in hotels and tourism.

Markedly in the single year of 2010-11, Myanmar drew over 20 billion USD's foreign investment, registering a huge figure of foreign investment which is more than that absorbed over the past two decades.

Of the investment during the year, Chinese mainland led with 7.75 billion dollars, followed by Thailand with 2.14 billion dollars, China's Hong Kong with 5.79 billion dollars, South Korea with 2.67 billion dollars, Britain with 799 million dollars and Singapore with 226 million dollars.

Of the investment sectorwise, oil and gas received 10.17 billion dollars, electric power 8.218 billion dollars, mining 1. 396 billion dollars and manufacturing 66.32 million dollars.

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