A total of 52 investment proposals domestically and from abroad have been submitted to the Myanmar Investment Commission (MIC) from 1st to 16th December, according to MIC officials.
“We are trying to verify and approve the submitted proposals as soon as possible,” said U Aung Naing Oo, the secretary of MIC. Investors are observing the investment policies of the incumbent government, resulting in a decline in foreign direct investments (FDI).
Foreign investments as of 17th December in this fiscal year reached only over US$3billion, which is down from US$4.96billion in the similar period of last fiscal year, it is learnt.
The telecommnications sector topped the foreign investment line-up of Myanmar with 47 per cent of total investments in this fiscal year. However, the figure is down by nearly US$1billion in comparison with that of last fiscal year, U Aung Naing Oo continued.
During this fiscal year, the percentage of investments flowing into the country are 47.07 per cent in the telecoms sector, 25.5 per cent in the industrial sector, 17.5 per cent in the power sector, 3.03 per cent in real estate, 2.82 per cent in hotel and tourism, 2.5 per cent in livestock and fishery and 1.59 per cent in other services, it is learnt.
The enterprises which want to proceed with the existing old investment law have to submit their investment proposals by 31st December. The new investment law will take effect on 1st January, 2017, it is learnt.