Myanmar FDI tops US$5 bln in 11 months; target needs $500 mln

Myanmar has attracted foreign direct investments of more than US$5.3 billion over the past 11 months, and about $500 million is required in order to meet FDI target for the current financial year, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA).
Myanmar Investment Commission (MIC) has set an FDI target of $5.8 billion for the current FY, and the commission still has one meeting to clear the proposals before the end of the financial year.
MIC ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects and grant further permits in the future meeting, he said.
The capital of the projects we are currently assessing and evaluating is estimated at $1.3 billion. The investments are from Singapore, Thailand, Hong Kong SAR, China, UK, the Republic of Korea, the Netherlands, India and the US, DICA stated.
“We have the pipeline of suitable investment, and many more enterprises are interested in entering the country. We are cooperating with the public and private sectors despite transport difficulties amid the coronavirus impacts. If the commission clears those project proposals, the FDI inflow will surpass its target,” the DICA DG continued.
Between 1 October and 4 September in the current FY, 234 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees under Myanmar Investment Law and brought in the capital of over $5.157 billion, including the expansion of capital by existing enterprises, according to the DICA.
The total FDI figure reached $5.3 billion in the current FY, adding the investments of $160.277 million in the Special Economic Zones, under the Special Economic Zone Law. (Translated by Ei Myat Mon)

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