Nay Pyi Taw, (IANS) Myanmar has targeted $8 billion foreign investment in the present fiscal year of 2016-17, the Directorate of Investment and Company Administration announced on Monday.

The country drew $9.5 billion foreign investment in the last fiscal year of 2015-16 which ended in March, Xinhua news agency reported.

Myanmar received $1.413 billion foreign investment in 2012-13, $4.107 billion dollars in 2013-14 and over $5 billion in 2014-15, the directorate said.

According to official statistics, foreign investment in Myanmar totalled to $63.718 billion as by the end of March after a gap of over 27 years.

Foreign investment during former president U Thein Sein’s previous five-year government term from 2011 to 2016 created over 350,000 job opportunities.

The Myanmar Investment Commission has been encouraging more foreign direct investment in trade, agriculture and infrastructure in order to speed up the country’s economic development and create more job opportunities.