Domestic investments touch K1,454 bln, $308.39 mln in 2019-2020FY

Myanmar citizens mainly invested in construction, manufacturing, real estate development, hotel and tourism and agriculture sectors this year. PHOTO: Phoe Khwar
Myanmar citizens mainly invested in construction, manufacturing, real estate development, hotel and tourism and agriculture sectors this year. PHOTO: Phoe Khwar

Domestic investments by Myanmar citizens, including an expansion of capital by existing enterprises, have reached K1,454 billion and US$308 million as of 18 June of the 2019-2020 financial year since October, according to a press statement issued by the Myanmar Investment Commission (MIC). Between 1 October and 10 July in the current fiscal, Myanmar Investment Commission (MIC) and the respective region and state investment committees gave green lights to 87 local enterprises to invest in various sectors, with estimated capitals of over K1,162 billion and $204.5 million.
Domestic investments have flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to the Directorate of Investment and Company Administration (DICA).
The construction, manufacturing, real estate development, hotel and tourism and agriculture sectors pull the largest investments made by Myanmar citizens this year. Although Myanmar’s economy is affected by the coronavirus impacts, domestic and foreign investments are growing in the current financial year. The existing enterprises are also seen the expansion of capitals and an increase in the labour force, the MIC stated.
The Ministry of Investment and Foreign Economic Relations is inviting responsible businesses so that they could be beneficial to the country. The MIC is screening the investment projects at the soonest according to the COVID-19 Economic Relief Plan.— GNLM (Translated by Ei Myat Mon)

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