FDI crosses $3.44 bln as of 28 April

LOCAL NEWS

Myanmar has attracted foreign direct investment of more than US$3.446 billion between 1 October and 28 April in the 2019-2020 financial year, including the expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
The total figure includes investments of $91.85 million in the Special Economic Zones, under the Special Economic Zone Law.
Myanmar has set an FDI target of $5.8 billion in the current fiscal, but we cannot measure the impact of coronavirus infections at present, said DICA Director-General and MIC Secretary U Thant Sin Lwin.
“The enterprises operating with imported raw materials will be affected to a certain extent. Sure, enterprises with a big labour force will struggle amid the coronavirus outbreak,” he said.
According to a press statement issued recently by the DICA, 162 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $2.419 billion. Those enterprises will execute electricity, manufacturing, agriculture, livestock and fishery, transport and communication, real estate development, hotels and tourism, and other services businesses.
“Myanmar is trying to attract foreign investment by providing tax relief, tax incentives, investment opportunities, and fast processing of proposals. However, the Ministry of Investment and Foreign Economic Relations is inviting only responsible businesses to the country,” he added.
“The Myanmar Investment Promotion Plan (MIPP) has been drawn up with the assistance of the Japan International Cooperation Agency (JICA) and is in the process of being implemented. As per the MIPP, Myanmar aims to attract FDI of $200 billion in 20 years,” said Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations.
In the 2018-2019FY, FDI of $4.5 billion flowed into Myanmar, falling short of the $5.8-billion target by around $1.3 billion. — GNLM (Translated by Ei Myat Mon)

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