Manufacturing sector pulls more foreign enterprises

LOCAL NEWS

By Nyein Nyein

Majority of foreign enterprises have primarily invested in the manufacturing sector in the current financial year 2019-2020, stated the Directorate of Investment and Company Administration (DICA).
Of 154 foreign enterprises permitted and endorsed by Myanmar Investment Commission (MIC) and the respective investment committees between 1 October and 3 April of current fiscal, 121 enterprises pumped FDI into the manufacturing sector. Other service sector stood at the second by attracting 12 businesses, while power sector got the third spot with six projects.
During a-year-ago period, 115 of 150 enterprises put investment into the manufacturing sector, while other service sector drew 13, and livestock and fisheries attained investments from seven businesses.
“The current Covid-19 consequences have not affected the foreign investment sector,” said DICA Director-General U Thant Sin Lwin on 7 April.
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-Covid-19 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 Covid-19.
Myanmar has attracted foreign direct investment of more than US$3.36 billion between 1 October and 3 April in the 2019-2020 financial year, including the expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
The total figure includes investments of $91.85 million in the Special Economic Zones, under the Special Economic Zone Law.
According to a press statement issued recently by the DICA, 154 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $2.35 billion.
Myanmar has set an FDI target of $5.8 billion in the current fiscal.  (Translated by Ei Myat Mon)

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