FDI inflows into Myanmar up by $1 bln in 11 months (Oct-Aug)

Myanmar has attracted more than US$5.1 billion in foreign direct investments within the past 11 months of the current financial year 2019-2020, an increase of $1 billion compared with the corresponding period of the previous FY, as per data of the Directorate of Investment and Company Administration (DICA).
According to the DICA statistics, 234 foreign enterprises have obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees between 1 October and 28 August in the current FY, bringing in the capital of $5.16 billion, including the expansion of capitals by the existing enterprises.
In the year-ago period, FDI of just $4.097 billion had poured in from 267 enterprises.
The number of permitted or endorsed enterprises this year was 33 lower than last year. However, the surge in investment in the current budget year was attributed to the projects with large investments, the DICA stated.
Both the foreign and domestic investment sectors are not affected by the COVID-19 negative impacts, said DICA Director-General U Thant Sin Lwin.
Amid the COVID-19 concerns, foreign direct investments flow into many types of businesses, including the garment enterprises, he added.
Of the investment proposals, the commission prioritized the manufacturing and labour-intensive businesses.
Myanmar Investment Commission (MIC) is planning to accept investment projects in manufacturing masks, pharmaceuticals and others, which can contribute to the fight against the Covid-19 in the country at the soonest.
In the current financial year, the MIC has set an FDI target of $5.8 billion. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
“The Myanmar Investment Promotion Plan (MIPP) has been drawn up with the assistance of the Japan International Cooperation Agency (JICA), and it is now under implementation.
As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in forthcoming 20 years,” stated Union Minister U Thaung Tun. (Translated by Ei Myat Mon)

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