Yangon, Myanmar (BBN)– The Telecom sector will attract the largest portion of foreign direct investment (FDI) in the fiscal year 2014-2015, said U Aung Naing Oo, Director General of the Directorate of Investment and Company Administration (DICA), which is part of the Ministry of National Planning and Economic Development.

FDI is expected to reach US$ 4.0 billion in the 2014-2015 fiscal year (FY15). In comparison FDI reached $ 3.5 billion in the FY 14, with the industrial sector contributing the lion’s share with $ 1.7 billion.

Foreign direct investment is experiencing considerable growth. In the FY 12 FDI was only $ 300 million and in the FY 13 $ 1.419 billion.

The telecom sector foreign investments will surpass those in the industry sector. “Foreign companies are negotiating to support telecom operators in Myanmar. This includes companies from America, Singapore and Japan. Ericsson is one of them,” U Aung Naing Oo said, according to Mizzima report.

BBN/SSR/AD-04Mar14-10:56 am (BST)