By Nyein Nyein
Majority of foreign enterprises eye the manufacturing sector for investments in the current financial year 2019-2020, the Directorate of Investment and Company Administration (DICA) stated.
Of 178 foreign enterprises permitted and endorsed by Myanmar Investment Commission and the respective investment committees between 1 October and 31 May of current fiscal, 138 enterprises pumped FDI into the manufacturing sector. Other service sector stood at the second by attracting 15 businesses, while power sector got the third spot with seven projects. During a-year ago period, 132 of 170 enterprises put investment into the manufacturing sector, while other service sector drew 14, and livestock and fisheries attained investments from seven businesses.
The current coronavirus consequences have not affected the foreign investment sector, said DICA Director-General U Thant Sin Lwin.
The proposals submitted to MIC include CMP businesses. At present, such kind of labour-intensive enterprises is facing financial hardship, disputes between the employers and employees and the closure of factories. However, those cases in the industry did not hinder new investors.
The manufacturing enterprises and businesses that need large labour force are prioritized. MIC is endeavouring to clear those kinds of projects so fast that they can start running in the post-coronavirus period, he continued.
Moreover, MIC showed readiness to accept the projects regarding the production of mask, pharmaceuticals and medical equipment, in responding to the activities of prevention, control and treatment of the pandemic.
Myanmar has attracted foreign direct investment of more than US$4.1 billion between 1 October and 31 May in the 2019-2020 financial year, including the expansion of capital by existing enterprises and investments in the Special Economic Zones, according to the Directorate of Investment and Company Administration (DICA). (Translated by Ei Myat Mon)