FDI tops $4 bln as of 18 June

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Myanmar has attracted foreign direct investment of more than US$4.4 billion between 1 October and 18 June in the 2019-2020 financial year, including the expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
The total figure includes investments of $93.057 million in the Special Economic Zones, under the Special Economic Zone Law.
Myanmar set an FDI target of $5.8 billion in the current fiscal. The coronavirus consequences have not affected the foreign investments so far, said DICA Director-General U Thant Sin Lwin. “The enterprises operating with imported raw materials will be affected to a certain extent. Sure, enterprises with a big labour force will struggle amid the viral disease outbreak,” he said. According to a press statement issued recently by the DICA, 189 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $3.228 billion. Those enterprises will execute electricity, manufacturing, agriculture, livestock and fisheries, transport and communication, real estate development, hotels and tourism, and other services businesses.
“Myanmar is trying to attract foreign investment by providing tax relief, tax incentives, investment opportunities, and fast processing of proposals. However, the Ministry of Investment and Foreign Economic Relations is inviting only responsible businesses to the country,” he stressed. “The Myanmar Investment Promotion Plan (MIPP) has been drawn up with the assistance of the Japan International Cooperation Agency (JICA) and is in the process of being implemented. As per the MIPP, Myanmar aims to attract FDI of $200 billion in 20 years,” said Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations. In the 2018-2019FY, FDI of $4.5 billion flowed into Myanmar, falling short of the $5.8-billion target by around $1.3 billion. — GNLM (Translated by Ei Myat Mon)

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