By Nyein Nyein
MYANMAR attracted more than US$1.3 billion in foreign direct investments during the first two months of the current fiscal, an increase of $900 million compared with the corresponding period of the previous FY, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
Between 1 October and 30 November, FDI of $1.39 billion flowed into the country, including expansion of capital by existing enterprises. According to a press statement issued by the DICA, 41 foreign enterprises obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees in the current fiscal, bringing in a capital of $1.35 billion.
In the year-ago period, the FDI inflow was recorded at just $465.9 million from 34 enterprises.
“As large projects were allowed in the current fiscal, investments grew,” said U Thant Sin Lwin.
“Infrastructure projects such as industrial parks and urban development projects are bringing investments into the country,” he said.
There is investment potential for large businesses, he added.
Moreover, once offshore oil and gas and mining projects are approved in the current FY, heavy enterprises will enter the country, said U Thaung Tun, Union Minister for Investment and Foreign Economic Relations, at the 30th regular meeting of the Vice President U Myint Swe with private entrepreneurs, held on 19 October at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry office.
The ministry is inviting responsible businesses to the country.
The Myanmar Investment Promotion Plan (MIPP) was drawn up with the assistance of the Japan International Cooperation Agency (JICA) and it is being implemented. As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in 20 years, said U Thaung Tun.
In the current fiscal, the MIC has set an FDI target of $5.8 billion. (Translated by Ei Myat Mon)
