Oil and natural gas attracted more FDI than any other sector in 2014-15 fiscal year, according to the Myanmar Investment Commission (MIC).
Electricity is the next largest sector, followed by manufacturing, transportation and tourism, MIC said.
“As the number of companies invested for these sectors is increasing, we are granting licences under careful scrutiny. We scrutinice according to the law and international standards for environmental conservation,” said U Aung Naing Oo, secretary of MIC.
Singapore came out as the largest investor, followed by Hong Kong, China, Britain and Thailand, according to MIC statistics.
A total of 132 foreign companies as yet have been granted licences to invest in the oil and gas sector and 81 are already operating, with a total investment of over $14 billion.
During the current fiscal year, MIC granted 828 foreign companies investment licences and among them 567 companies are already operating.