Myanmar targets 6.7% increase for next fiscal year

Myanmar has targeted its real gross domestic product growth (GDP) of 6.7 percent increase for the coming fiscal year 2012-13 which will start on April 1, the official New Light of Myanmar reported on Tuesday. The Union Parliament of Myanmar on Monday enacted the 2012-13 National Planning Law, signed by President U Thein Sein. Sectorally, GDP on agriculture sector is expected to increase to 3 percent while industrial sector to 9 percent and service sector to 8.3 percent respectively. The ongoing third parliament session in Nay Pyi Taw, which began on Jan. 26, has approved the Supplementary Union Budget Allocation Bill (2012) in February, Foreign Investment Law Amendment Bill, Environmental Conservation Bill, Vacant, Fallow and Virgin Land Management Bill, and 2011 Farmland Bill in March.