By Nyein Nyein
Myanmar has attracted more than US$2.7 billion in foreign direct investments over the past five months of the current fiscal, an increase of $1billion compared with the corresponding period of the previous FY, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA).
According to the DICA statistics, 136 foreign enterprises have obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees between 1 October and 6 March in the current fiscal, bringing in the capital of $2.7 billion.
In the year-ago period, FDI of just $1.7 billion had poured in from 109 enterprises.
The number of permitted or endorsed enterprises this year was 27 higher than last year. In the wake of COVID-19, foreign direct investments flow into many types of businesses except the garment enterprises during the meantime, according to the DICA.
Four foreign businesses were given a go-ahead by the MIC, and the proposals of 21 foreign enterprises were endorsed by the respective region and state investment committees. The majority of investments are set to flow into the manufacturing sector from 19 businesses, while other service sectors drew four projects. Additionally, hotel and livestock and fisheries sectors have attracted one project each. Those projects, with an estimated capital of $91.469 million, are expected to create over 14,000 jobs for residents.
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 U Thaung Tun. (Translated by Ei Myat Mon)