By Nyein Nyein
“With US$4.4 billion foreign investment in nine months of this fiscal year (FY), Myanmar is likely to meet foreign investment target in this FY,” said DICA Director-General U Thant Sin Lwin. Myanmar Investment Commission (MIC) set a target to attract USD5.8 billion in this FY. To meet the set target, $1.4 billion is still needed.
“Foreign investments worth only $4.1 billion flowed into the country last year. Now, FDI flow into Myanmar totalled $4.4 billion in nine months of this FY.
Our FDI target is $5.8 billion. We only need $1.4 billion to meet our target. We need to make sure our guideline such as less economic impact by the coronavirus pandemic, encouragement through coronavirus economic relief plan (CERP), giving priority to creating job opportunities and paying attention by the government over the recovery of the economic impact by the pandemic. By combining these four sectors, we expected $1.4 billion FDI will flow into the country,” he stated. In the pandemic period, some existing investment businesses have increased their capital amount of investment. The new investments are also entering the country. The remaining new investments will be continued to be given green light in the next three months, according to DICA.
Moreover, foreign investment has increased this year than last year, making the largest investment in the electricity sector, he added.
“The increasing investment in Myanmar this year than last year is mainly depending upon the government policy. The government gives priority to electricity sector this year. This year, 25 per cent of total investment flowed into the electricity sector. As the electricity sector develops, the investment in electricity has also increased,” he stressed.
At present, MIC is giving the green light to FIDs which have no impact upon the environmental conservation in the worldwide infectious disease period. Moreover, MIC granted permission to the factories which have submitted proposals to manufacture masks, according to DICA. Currently, a total of four factories are manufacturing masks and hospital equipment in Myanmar. Among them, three factories are owned by the Chinese citizens while Myanmar citizen owns one, according to DICA. (Translated by Hay Mar)