Actual FDI registered at $2.14 bln; approved amount at $1.76 bln in past mini-budget period

The actual amount of Foreign Direct Investment during the past mini-budget period from April to September is worth US$2.145 billion, while the amount approved by the Myanmar Investment Commission (MIC) was registered at $1.765 billion, according to the MIC.
The approved enterprises, however, might not bring in the entire submitted capital immediately, which means some investments will arrive during three or four events.
Otherwise, only small amounts of approved investments might flow this year, and large capital can be delivered in the upcoming years, said U Aung Naing Oo, the secretary of MIC.
Every three months MIC releases the actual amounts of foreign investment arriving in the country.
A total of 85 foreign enterprises were approved by MIC during the six-month interim period prior to fiscal year 2018-2019, with capital of $1.76 billion, including expansion
of capital.
During this period, Singapore was the main investor, followed by China and the UK. Next were Australia, Hong Kong, India, Indonesia, Japan, Malaysia, South Korea, Switzerland, Thailand, Viet Nam, USA and Seychelles during the six-month period.
Agriculture, Industrial Estate, Hotel and Tourism and Manufacturing sectors attracted the most foreign investments.
Additionally, FDI was received in agriculture, livestock and fisheries, power, transport and communication and other services.
According to the Myanmar Investment Promotion Plan jointly developed by MIC and Japan International Cooperation Agency, expected foreign investments include US$5.8 billion from 2016-2017 to 2020-2021, and then increasing to $8.5 billion from 2020-21 to 2025-26 FYs.
The FDI is likely to grow to US$12.3 billion in another five-year term, from 2026-2027 to 2030-2031 FYs.
It is expected that the total foreign investment will reach US$17.6 billion in the last five-year term, from 2031-2032 to 2035-36 FYs.
The actual amount of Foreign Direct Investment for the 2017-2018 financial year is 4.34 billion, and the amount approved by the Myanmar Investment Commission (MIC) is US$ 6.11 billion, according to the MIC. — GNLM

Share this post
Hot News
Hot News