Domestic investments exceed K1,200 bln in H1; up K300 bln against previous FY

LOCAL NEWS

By Nyein Nyein

Myanmar citizens have more invested in the country and the value exceeded K1,200 billion over the first half of the current fiscal, an increase of K300 billion compared to the corresponding period of the previous FY, stated DICA Director-General U Thant Sin Lwin.
Between 1 October and 3 April this year, 69 local enterprises were allowed to invest in the country by the Myanmar Investment Commission and the state and region investment committees. Domestic investments have reached K1,211.89 billion so far, including the expansion of capital by existing enterprises, as per the DICA’s data.
Domestic investors have pumped K893 billion into 89 projects in the October-November period in the 2018-2019 financial year.
This fiscal year, the number of enterprises permitted was 20 less than the previous year. However, the quantum of investment was larger compared with the year-ago period as the business with large capital flowed into the country, the DICA said.
At the recent DICA’s meeting held on 3 April, MIC and the respective investment committees cleared seven domestic projects worth US$7.959 million and K133.6 billion, with two in manufacturing, two in the hotels, two in real estate sector and one in another sector. Those enterprises will create over 300 jobs, according to the DICA.
Twelve enterprises invested in the manufacturing sector; four businesses pumped funds into the other services sector; the hotels and tourism sector and the real estate development sector attracted three enterprises each; and, one project was approved for the livestock and fisheries and agricultural sectors each.
Over the six months, the manufacturing sector pulled the largest investment, followed by other service sectors, hotel and tourism sector and the real estate development sector. The domestic investments also flow into the agriculture, mining, livestock and fisheries and power sectors. (Translated by Ei Myat Mon)

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