More than half of foreign direct investment (FDI) inflow in the past four months are an increase of investments by existing companies, according to the Directorate of Investment and Company Administration (DICA).
Over US$1 billion of FDI, including increased investments, were brought into the country in the past four months. A total of 53 newly- permitted enterprises made investments of only $442 million. Thilawa Special Economic Zone absorbed FDI worth over $171 million including increased investment.
Yangon Region attracts sixty per cent of foreign investments, especially bringing into the manufacturing sector. Those enterprises are engaged in manufacturing of pharmaceuticals, vehicles, container boxes and garments through Cutting, Making and Packing (CMP) basic, said U Myo Khaing Oo, director of Yangon Region DICA.
Myanmar Companies Law 2017 came into effect starting from 1 August 2018. Previously, foreigners were anticipating that law. This being so, more foreign investments are likely to be brought into the country later on, said U Aung Naing Oo, secretary of Myanmar Investment Commission (MIC).
MIC has prioritized ten sectors for investment in Myanmar. They are agriculture, livestock and fishery production, export promotion businesses, import substitution businesses, power supply, logistics, education services industry, healthcare industry, construction of affordable housing and establishment of industrial estate. MIC will speed up processing time for investment proposals in those ten prioritized areas.
By May Thet Hnin