By Nyein Nyein
Investments by Myanmar citizens in the country touched a low of K69 billion in the past two months (Oct-Nov) of the current financial year 2020-2021. It indicated a tremendous drop of over K555 billion compared to the corresponding period of the previous FY, according to the data released by the Directorate of Investment and Company Administration (DICA).
During the Oct-Nov period of current FY, domestic investors pumped K69.86 billion into 17 projects, permitted by the Myanmar Investment Commission and endorsed by the state and region investment committees, as per the DICA’s data.
Twenty-four local enterprises were given the go-ahead in the corresponding period of the 2019-2020 financial year, and the domestic investments of K625.38 billion, including an expansion of capital by existing enterprises, were brought into the country.
This FY, the number of enterprises permitted was seven less than the previous year. Also, the quantum of investment was drastically K555 billion lower than the year-ago period, the DICA stated.
During the past two months, the manufacturing sector attracted the largest investment, followed by other service sector and the real estate development sector. The domestic assets also flow into livestock and fisheries, hotel and tourism and agriculture industries, the DICA’s data showed.(Translated by Ei Myat Mon)