Myanmar attracts FDI of US$13.59 mln in Q1 2023-2024

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Photo by Xinhua: The photo taken on 12 May 2023 shows Yangon garment factory workers.

Myanmar Investment Commission gave the green light to 11 foreign projects from six countries in the Q1 of the current financial year 2023-2024 beginning in April. The country attracted a capital of US$13.59 million, including the expansion of capital by the existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
MIC nodded one foreign enterprise in April, four in May and six in June respectively. The agriculture sector drew $1 million from one enterprise. The remaining FDI flowed into the manufacturing sector.
In Q1 this FY, China is the top source of FDI so far, investing $8.4 million from six enterprises. One enterprise each from India, Republic of Korea, Samoa, Singapore and the USA also made investments this year.
Next, $21.99 million of FDI flowed into the country in the corresponding period last FY. The figures indicated a decrease of 38 per cent in Q1 this FY compared to that of the last FY.
Myanmar attracted foreign direct investments of $1.64 billion from 87 enterprises last financial year 2022-2023 (April-March). The majority of the investments were brought into the manufacturing sector, drawing $271.8 million from 64 enterprises. Singapore, China and Thailand made the highest investments last year. — TWA/KK

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