MIC bags 59 foreign projects worth $1.46 bln in nine months

The Myanmar Investment Commission gave green light to 59 foreign projects from eight countries in (April-December) of the current financial year 2022-2023. The country attracted capital of US$1.46 billion this FY, including the expansion of capital by the existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
Those enterprises are engaged in agriculture, manufacturing, power, real estate and service sectors respectively.
Singapore is the top source of FDI this FY, with 14 Singapore-listed enterprises pumping FDI of US$1.154 billion into Myanmar. Hong Kong SAR stands as the second largest investor this FY with an estimated capital of over $165 million drawn from 12 projects. China is ranked third in the investment line-up with more than $95.626 million from 27 projects.
Two from the Republic of Korea put investments into Myanmar, while one enterprise each from Belize, Japan, China (Taipei) and the UK also made investments in the past nine months respectively. The existing enterprises from Bangladesh, Japan, Seychelles, China (Taipei), China, Hong Kong SAR, the Republic of Korea, India, Thailand, the UK, Thailand, Switzerland and Samoa also increased investments.
Myanmar drew FDI of $647 million in the 2021-2022 mini-budget period (October to March), DICA’s statistics indicated.   The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
Myanmar Investment Commission (MIC) ensures the approval of responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects as well.
From 1 February 2021, Thilawa SEZ has recorded capital expansions of $100 million from one new enterprise and the existing enterprises so far. The majority of them put investments into cement and pharmaceutical manufacturing.—KK