A high ranking official has confirmed that over the past 25 years, Myanmar received a total of $34.2 billion actual foreign investment flow into the country.
The $34.2 billion from 25 countries and regions was injected into 381 projects in 11 sectors as of December 2013 from late 1988, Deputy Minister for National Planning and Economic Development Dr Daw Khin San Yi told the ongoing Lower House session of the parliament in Nay Pyi Taw.
Myanmar promulgated a new foreign investment law in November 2012, replacing the decades-old similar law in a bid to further attract foreign investment to the country in line with its reform strategy.
The new law allows foreigners to make full investment or set up joint venture operations with local partners on mutually agreed ratio of investment.
However, economists said that skyrocketing prices of real estate is deterring new foreign investment into Myanmar.
The deputy minister further revealed that the government created over 300,000 jobs in the country as of December 2013 since 1988.
According to Myanmar Economic Indicators released by the World Bank, Myanmar’s gross domestic product (GDP) grew 6.5 percent with consumer price inflation reaching 7.3 percent in 2013.
Myanmar’s GDP will rise 6.2 percent with a 6.6 percent consumer price index in 2014, according to estimates.