Domestic investments touch K1,543 bln, $348.29 mln this FY

Myanmar’s Domestic Investments have flowed into the construction sector.  Photo: Phow khwar
Myanmar’s Domestic Investments have flowed into the construction sector. Photo: Phow khwar

Domestic investments by Myanmar citizens, including an expansion of capital by existing enterprises, have reached K1,543 billion and US$348.29 million as of July-end of the 2019-2020 financial year since October, according to a press statement issued by the Myanmar Investment Commission (MIC). Between 1 October and 31 July in the current fiscal, Myanmar Investment Commission (MIC) and the respective region and state investment committees gave green lights to 113 local enterprises to invest in various sectors, with estimated capitals of over K1,233 billion and $244 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, hotels 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 the country benefits. The MIC is screening the investment projects at the soonest according to the COVID Economic Relief Plan.—GNLM (Translated by Ei Myat Mon)

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