The manufacturing sector absorbed foreign direct investments worth US$706.67 million in 60 projects in past mini-budget period from April to September, according to statistics provided by the Directorate of Investment and Company Administration (DICA).
Between 1 April and 30 September, FDI flows of $1.76 billion including expansion of capital were brought into the country. Myanmar Investment Commission (MIC) and the respective investment committees of the states and regions allowed 85 enterprises to invest in the country.
The agriculture sector attracted two foreign investment projects with a capital of $10.65 million. Livestock and Fisheries sectors witnessed three foreign investment projects worth $32.9 million. One project worth $90.6 million invested in power sector. Similarly, one foreign project pulled in capital of $314 million into transport and communications sectors. The real estate sector also received investments worth $280.38 million in four projects. The hotels and tourism sector attained FDI of $9.53 million in two foreign investment projects. Industrial estate sector also attracted one project worth $34.48 million. Over $277 million of FDIs were pumped into other services.
The MIC intended to attract foreign direct investments worth $3 billion during the six-month interim period from April to September, prior to the next 2018-2019 fiscal year. Nevertheless, only $1.76 billion of FDIs flowed into the country.
MIC targets to attain $5.8 billion of FDIs for next fiscal year 2018-2019, said U Than Aung Kyaw, Deputy Director General of the DICA. The northern Rakhine State issue and instability of the dollar exchange rate, resulting from escalating trade war between the US and China, affected the foreign investment. However, it didn’t make any difference with investors from Asian countries, he added.
Singapore-listed companies are riding a huge wave of investment in the country, followed by China and the UK. FDI registered at $5.7 billion in FY 2017-2018, $6.6 billion in FY 2016-2017 and $9.4 billion in FY 2015-2016 respectively.