Manufacturing sector sees FDIs of $100 mln in Oct-Nov

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A worker assembles a Ford in a factory in East Dagon Myothit, Yangon.  Photo: Supplied

The manufacturing sector attracted foreign direct investments of US$100 million through 20 projects in the October-November period, according to data provided by the Directorate of Investment and Company Administration (DICA).
The manufacturing sector accounts for over 80 per cent of the total investments in the Thilawa Special Economic Zone.
The total FDI inflows in Myanmar for the October-November period stood at $465.9 million, including funds for expansion of capital. The Myanmar Investment Commission (MIC) and state and regional investment committees permitted 34 enterprises to invest in the country.
Among other sectors, the agriculture sector attracted three foreign investment projects with a capital of $10.62 million. The livestock and fisheries sector saw three foreign investment projects worth $19.56 million. In the transport and communication sector, one project brought in an investment of $171.79 million. The hotels and tourism sector attracted one foreign project worth $4.37 million. FDIs worth over $149.29 million were pumped into other services.
The MIC had set a $3-billion target for FDIs in the interim budget period from April to September. However, only $1.76 billion in FDIs flowed into the country during that period.
The MIC is targeting FDIs of $5.8 billion in the 2018-2019 FY, said U Than Aung Kyaw, the Deputy Director General of the DICA.
Singapore currently ranks as the largest investor in the country, followed by China and Thailand. Myanmar’s total FDI was registered at $5.7 billion in the 2017-2018 FY, $6.6 billion in the 2016-2017 FY, and $9.4 billion in the 2015-2016 FY.

(Translated by Ei Myat Mon)

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