Manufacturing sector attracts FDIs worth $ 275 million in three months

Shwe Kyun Myaw Hotel in Inle, Nyaungshwe Township, Shan State. Photo: Aye Min Soe
Shwe Kyun Myaw Hotel in Inle, Nyaungshwe Township, Shan State. Photo: Aye Min Soe

The manufacturing sector absorbed foreign direct investments (FDIs) worth US$275.6 million through 19 projects in the past three months, according to statistics provided by the Myanmar Investment Commission (MIC).
Between 1 April and 30 June, FDIs worth $394.87 million, including increased investments, were brought into the country. MIC has allowed 26 enterprises to invest in the country.
The agriculture sector attracted one foreign investment with a capital of $5.6 million. The real estate sector also received investments worth $2.8 million. Similarly, the hotels and tourism sector attained FDI of $9.26 million from one project. Over $88.9 million FDIs were pumped into other services.
Japan tops the list with the largest investment of $85 million, followed by China and the United States.
Also, Hong Kong, India, South Korea, Singapore, Viet Nam and the United States made investments over the past three months.
The MIC targets FDIs worth $3 billion during the six-month interim period from April to September, prior to the next 2018-2019 fiscal year. The manufacturing and real estate development sectors are likely to maintain the top position in attracting FDIs during the six-month interim period.
According to the new Myanmar Investment Law, region and state investment committees are authorised to grant endorsements of an investment proposal with a capital of not more than $5 million (Ks6,000 million), with an aim to facilitate the verification process of investment projects.
At present, 60 per cent of foreign investments are in Yangon Region. Mandalay attracts 30 per cent of investments. Other regions and states attain only a small portion of investments, according to the statistics released by the Directorate of Investment and Company Administration. —GNLM

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