Oil Report

Myanmar FDI hits record high of $9.4 bln in 2015/16

YANGON, April 11 (Reuters) - Foreign direct investment (FDI) in Myanmar during the fiscal year that ended in March totaled $9.4 billion for 217 projects, official data showed on Monday.

Myanmar saw a record-high inflow in the last fiscal year under the former semi-civilian government, according to data compiled by the Directorate of Investment and Company Administration.

The investment reflects growing, if still cautious, interest in one Asia’s last remaining untapped markets and a rush of last-minute approvals before the handover of power to Aung San Suu Kyi’s administration.

Myanmar received $8 billion in FDI in 2014/15, compared with $4.1 billion in 2013/14.

The oil and gas sector attracted the biggest investment last fiscal year, followed by transport and communication and manufacturing.

Singapore, which put $4.3 billion into 55 projects, topped the list of foreign investors followed by China, Myanmar’s biggest trading partner, which invested $3.3 billion. (Reporting by Aung Hla Tun; Editing by Amy Sawitta Lefevre and Himani Sarkar)