Manufacturing sector attracts 20 foreign enterprises in Oct-Jan

The majority of foreign enterprises eye the manufacturing sector for investments in the past four months (Oct-Jan) of the current financial year 2020-2021, pulling in US$313.559 million from 20 projects, the Directorate of Investment and Company Administration stated. Myanmar has attracted foreign direct investments of more than US$672.59 million in Oct-Jan of the current FY, including the expansion of capital by existing enterprises and acquisitions in the Special Economic Zones, DICA’s statistics indicated.

Of 38 foreign enterprises permitted and endorsed by the Myanmar Investment Commission and the respective investment committees between 1 October and 31 January of the current FY, 20 enterprises pumped FDI into the manufacturing sector. The power sector received six projects, and the livestock and Fisheries sector attracted five projects. Other service sector drew four projects while the agriculture sector pulled two projects, and one foreign enterprise entered the hotel and tourism sector.

At present, labour-intensive enterprises face financial hardship, disputes between employers and employees, and factories’ closure. The manufacturing enterprises and businesses that need a large labour force are prioritized, MIC stated. During the current FY2020-2021, Myanmar Investment Commission (MIC) will give the go-ahead to 24 proposals submitted in the previous FY2019-2020. The commission is carefully assessing the projects and will permit the ministries concerned, said U Thant Sin Lwin, Director-General of the DICA. Twenty-four foreign investment proposals have an estimated capital of over US$3 billion. The commission is carefully reviewing 24 proposals due to large projects, he continued.

MIC intends to reach an FDI target of $5.8 billion for the current FY2020-2021. According to data from the DICA, the country almost reached the FDI target of $5.8 billion in the FY 2019-2020 due to the COVID-19 impacts, registering FDI inflows of only $5.68 billion. — KK/GNLM

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