7 Aug
MYANMAR has attracted more than US$4.9 billion in foreign direct investments within the past ten months of the current financial year, an increase of $1 billion compared with the corresponding period of the previous FY, as per data of the Directorate of Investment and Company Administration (DICA).
The DICA statistics show that 219 foreign enterprises have obtained permits from the Myanmar Investment Commission (MIC). And endorsements from regional and state Investment Committees between 1 October and 31 July in the budget year bring in the capital of $4.977 billion, including the expansion of capitals by the existing enterprises.
In the year-ago period, FDI of just $3.526 billion had poured in from 224 enterprises.
The number of permitted or endorsed enterprises this year was five lower than last year. However, the surge in investment in the current FY was attributed to the projects with large investments, the DICA stated.
Both the foreign and domestic investment sectors are not affected by the coronavirus negative impacts, said DICA Director-General U Thant Sin Lwin.
Foreign direct investments flow into many types of businesses like the garment enterprises amid the pandemic.
Of the investment proposals, the commission prioritizes the manufacturing and labour-intensive businesses.
Myanmar Investment Commission (MIC) is planning to accept investment projects in manufacturing masks, pharmaceuticals and others that can contribute to the fight against the infectious disease in the country at the soonest. In the current financial year, the MIC has set an FDI target of $5.8 billion. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
“The Myanmar Investment Promotion Plan (MIPP) has been drawn up with the assistance of the Japan International Cooperation Agency (JICA), and it is now under implementation. As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in forthcoming 20 years,” stated Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations.
BY Nyein Nyein (Translated by Ei Myat Mon)
