By Nyein Nyein
Myanmar attracted more than US$2 billion in foreign direct investments in the current fiscal year, an increase of $800 million compared with the corresponding period of the previous FY, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
“The number of permitted or endorsed enterprises this year was 14 more than last year. Also, enterprises with large investments entered the country,” he said.
Between 1 October and 24 January, FDI of $2.08 billion flowed into the country, including expansion of capital by existing enterprises. According to a press statement issued by the DICA, 100 foreign enterprises obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees in the current fiscal.
In the year-ago period, FDI of $1.254 billion had flowed in from 86 enterprises.
“In the past three months, Myanmar received nearly $1.5 billion in FDI (approximately $500 million per month over three months). If investments grow steadily this year, they may reach around $6 billion. The MIC intends to reach its FDI target of $5.8 billion. However, we are prioritizing responsible businesses,” said U Thant Sin Lwin.
“There is investment potential for large businesses in the current fiscal, and investments have grown,” he said.
Additionally, once offshore oil and gas and mining projects are approved in the current FY, heavy enterprises will enter the country, said U Thaung Tun, Union Minister for Investment and Foreign Economic Relations, at the 30th regular meeting of the Vice President with private entrepreneurs, on 19 October at the Union of Myanmar Federation of Chambers of Commerce and Industry office.
The ministry is inviting responsible businesses for the country’s benefits, he said.
“The Myanmar Investment Promotion Plan (MIPP) was drawn up with the assistance of the Japan International Cooperation Agency (JICA), and it is being implemented. As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in 20 years,” said U Thaung Tun. (Translated by Ei Myat Mon)