YANGON, June 2 (Xinhua): Myanmar has recently reformed its investment commission as part of its efforts to draw more foreign investment into the country.
The 13-member Myanmar Investment Commission was re-established with Minister of Energy U Zeyar Aung as chairman, replacing U Win Shein, who is minister of finance.
The minister of hotels and tourism became the vice chairman, while a deputy finance minister of finance and deputy minister of national planning and economic development stand as key members.
The commission is an independent organisation under the Ministry of National Planning and Economic Development similarly as the Central Bank of Myanmar.
So far this year, it has permitted nearly 30 projects for investment by local entrepreneurs and 60 for investment by foreigners.
According to official statistics, Myanmar received US$2.21 billion in foreign investment in the first four months of 2014 with the transport and communication sector leading the line- up with $1.34 billion, followed by manufacturing ($426.8 million), real estate ($267.8 million), hotel and tourism ($56.9 million) and mining ($28.69 million).
The total foreign investment in Myanmar reached $46.48 billion as of April 2014 since the country opened door to the world in late 1988.
In the year 2013-14 ending in March, Myanmar obtained $4.107 billion contracted foreign investment, up from $1.4 billion a year earlier.
The foreign investment from 34 countries and regions mainly went to the manufacturing sector, apart from energy, oil and gas, mining, hotels and tourist, real estate, livestock and fishery and agriculture.
