Myanmar drew foreign direct investments of US$467.793 million in the past four months (Apr-July) of the current financial year 2023-2024, including the expansion of capital by the existing enterprises and the power sector topped the FDI line-ups, according to the Directorate of Investment and Company Administration (DICA).
The Myanmar Investment Commission gave the green light to 18 foreign projects from six countries in the past four months, according to the Directorate of Investment and Company Administration (DICA).
Those enterprises from nine foreign countries made foreign investments and also expanded their businesses. Singapore is the top source of FDI so far, investing $335.162 million from four enterprises, followed by China with $124.079 million from ten enterprises. One enterprise each from India, Republic of Korea, Samoa and the USA also made investments this year.
The existing enterprises from China (Taipei), China, Hong Kong SAR, Singapore and the UK also increased foreign investments, the statistics released by the DICA indicated.
“Myanmar’s power sector attracted $317 million in the past four months. It accounts for the largest share of FDIs in Myanmar this financial year,” said U Thet Paing, director of the DICA.
The agriculture sector drew $1 million from one enterprise. Two enterprises put $317.178 million in the power sector. The manufacturing sector received $48.745 million of FDI, while the transport and communication sector attracted $77.82 million. Over $23 million of FDI was pumped into the livestock and fisheries sector as well. There are a total of 2,404 permitted foreign projects from 52 countries under the Myanmar Investment Law and the Special Economic Zone Law as of the end of July 2023 and Singapore, China and Thailand are the leading investors in the country. — ASH/KK
