Myanmar logs FDI worth US$202 mln from China in past 7 months

Kyaukphyu SEZ sskm
Artist’s rendering reveals planned facilities at the Kyaukpyu Deep-Sea Port in Rakhine State. Photo: Courtesy of CITIC Group

China-listed enterprises pumped US$202.215 million into Myanmar in the past seven months of the current financial year 2023-2024 beginning 1 April, including the expansion of the capital by the existing enterprises, statistics released by the Directorate of Investment and Company Administration (DICA) indicated.
Myanmar Investment Commission gave the green light to 27 Chinese enterprises to put investments in Myanmar during the April-October period.
Chinese companies primarily made investments in labour-intensive manufacturing industries that can create a large number of jobs for residents.
Singapore is the top source of FDI so far, investing $337 million in the power sector. China is placed as the second- largest investor in Myanmar.
Myanmar attracted foreign direct investments of US$567.38 million in the past seven months, including expansion of capital by the existing enterprises. The investments flowed into agriculture, livestock and fisheries, manufacturing, power, transport and communications, and services sectors respectively, with the manufacturing sector topping the FDI line-ups with the highest amount, as per the statistics of the DICA.
The MIC gave the go-ahead to 42 foreign projects from seven countries in the past seven months. Singapore ranked the first with five enterprises in FDI amount, followed by China with 27 enterprises. Two enterprises each from the Republic of Korea and the USA, five from Hong Kong (SAR), one each from India, the Republic of the Marshall Islands and Samoa put foreign investments in the country. The existing enterprises from Brunei Darussalam, Chinese Taipei, China, Hong Kong SAR, the ROK, Singapore, Japan and the UK also increased their capital, the statistics showed. — KK

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