Myanmar sees rise in foreign contracted investment

The foreign contracted investment in Myanmar hit 2.4 billion U.S. dollars in the first three months of the fiscal year 2015-2016, according to official statistics released on Saturday.

During the period, the Myanmar Investment Commission approved projects involving 46 domestic and overseas firms in sectors including manufacturing, construction, real estate and hospitality.

Some observers believe a potential lull in investment activity in the period surrounding the November 8 general election could make it difficult to reach the target.

Meanwhile, Myanmar's Investment Commission has allowed a total of nine more domestic and foreign firms to make investment in the country so far this month.

Last month, the commission had granted 28 investment businesses including timber processing, manufacturing of garments, paint, plastic products, sports equipment and building materials and packaging, as well as bus assembly and maintenance services among others.

According to the commission, annual contracted foreign investment nearly doubled from 4.1 billion U.S. dollars in 2013- 2014 to 8.01 billion U.S. dollars in 2014-2015, expecting to receive 6 billion U.S. dollars in the current fiscal year of 2015- 2016.