By Nyein Nyein
Myanmar has attracted more than US$4.4 billion in foreign direct investments within the past ten months of the current fiscal year, an increase of over $900 million 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, 208 foreign enterprises have obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees between 1 October and 10 July in the current fiscal year 2019-2020, bringing in the capital of $4.49 billion, including the expansion of capitals by the existing enterprises.
In the year-ago period, FDI of just $3.526 billion had poured in from 224 enterprises.
The number of permitted or endorsed enterprises this year was 16 lower than last year. However, the surge in investment in the current fiscal was attributed to the projects with large investments, the DICA stated.
Both the foreign and domestic investment sectors are not affected by the coronavirus negative impacts, said DICA Director-General U Thant Sin Lwin.
Amid the coronavirus concerns, foreign direct investments flow into many types of businesses including the garment enterprises. The foreign investors are not bothered by the disputes between employers and employees and the closure of some CMP businesses during the meantime.
Of the investment proposals, the manufacturing and labour-intensive businesses are prioritized by the commission.
Myanmar Investment Commission (MIC) is planning to accept investment projects in manufacturing masks, pharmaceuticals and others which can contribute to the fight against the pandemic infection 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,” said Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations. (Translated by Ei Myat Mon)