19 May
Over the past seven-month period (Oct-May), overall foreign direct investments of $2.56 billion flowed into the country, including expansion of capitals by existing enterprises and investments of over $134 million in Thilawa Special Economic Zone, according to press release of the Directorate of Investment and Company Administration (DICA).
From 1 October, 2018 to 11 May, 2019, a total of 155 foreign enterprises were received permits and endorsements, bringing in capital of $1.7 billion. Singapore-listed enterprises pulled the largest investments during Oct-May period, followed by China and Hong Kong.
Transport and Communication absorbed over $1.15 billion of FDI, topping in the investment sector line-up, followed by manufacturing sector.
MIC targets to attain $5.8 billion of FDIs in the current fiscal year 2018-2019, according to the DICA.
According to the Myanmar Investment Law, the Regions and States Investment Committees are allowed to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million with an aim to facilitate the verification process of investment projects. — GNLM (Translated by Ei Myat Mon)
