Local investment in Myanmar has risen 110 billion Kyats (US$114 million) to 3 trillion Kyats (US$3.2 billion) in July, according to the Ministry of Commerce.
Over 101 billion Kyats - 91 percent of the investments made by local businesses last month - was added to the manufacturing sector. Total local investments in manufacturing reached 801 billion Kyats ($827 million) by the end of July.
Local businessmen invested in new rice factories, sugar plants and manufacturing various construction materials in July. They also launched tourism and other service businesses.
Myanmar Investment Commission has recently approved three locally owned businesses and six foreign businesses.
A sugar factory in Bago Region, a 32-mile road construction in Magway region and a 50MW power plant in Yangon Region were approved for local investors. Foreign investments approved include garment factories, manufacturing plants and hotel construction from Vietnam, Hong Kong, South Korea and Singapore.