Foreign direct investment of over US$1.67 billion has flowed from eight enterprises into the power sector in the past ten months of the current financial year, the DICA (Directorate of Investment and Company Administration statistics) stated. The quantum of investment in power is higher than in any other sectors. Myanmar has fetched over $5 billion inflows of FDI, including the expansion of capital and investments in the Special Economic Zones during the October-July period. The Myanmar Investment Commission (MIC) and the investment committees of states and regions have allowed 219 enterprises to invest in the country.
The manufacturing sector has absorbed FDI of $875 million from 169 projects in 2019-2020 financial year, whereas the agricultural sector has attracted $17.73 million from three projects. The livestock and fisheries sector has drawn five foreign investment projects worth $138.48 million. Two projects worth $300.454 million has been approved in the transport and communications sector. The hotels and tourism sector has pulled in an investment of $43.184 million from five foreign enterprises. The real estate sector has also raked in $895.8 million from six foreign projects, while industrial estate sector received $273 million from two enterprises. Over $405 million in FDI has been pumped into the other services sector from 19 businesses. In the current FY, the MIC has set an FDI target of $5.8 billion. Both the foreign and domestic investment sectors are not affected by the COVID-19 negative impacts, said DICA Director-General U Thant Sin Lwin, adding foreign direct investments flow into many types of businesses, including garment enterprises. Of the investment proposals, the manufacturing and labour-intensive businesses are prioritized by the commission.
Myanmar Investment Commission (MIC) is planning to accept investment projects in manufacturing masks, pharmaceuticals and others, which can contribute to the fight against the Covid-19 in the country at the soonest.
In the 2018-2019FY, FDI into Myanmar totalled $4.5 billion, falling short of the $5.8-billion target by around $1.3 billion. Foreign direct investment into Myanmar has registered at $1.76 billion in the 2018 mini-budget period, $5.7 billion in the 2017-2018FY, $6.6 billion in the 2016-2017FY, and $9.4 billion in the 2015-2016FY. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. “The Myanmar Investment Promotion Plan (MIPP) has been drawn up with the assistance of the Japan International Cooperation Agency (JICA), and it is now under implementation. As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in forthcoming 20 years,” said Union Minister U Thaung Tun. —GNLM (Translated by Ei Myat Mon)