By Nyein Nyein
Myanmar has only reached near to its foreign direct investment (FDI) target of US$5.8 billion for the financial year 2019-2020, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). Myanmar has attracted foreign direct investments of more than $5.68 billion between 1 October and 30 September in FY2019-2020, and over $100 million is required to meet FDI target.
“Myanmar Investment Commission set an FDI target of $5.8 billion for the FY2019-2020, and the country received investments of $5.68 billion. Power sector drew the largest foreign investments this year, accounting for 30.26 per cent. Manufacturing sector constituted 20.42pc of overall FDIs, while real estate sector comprised 20.19pc. FDI inflows have almost reached the target,” he highlighted.
During the FY2018-2019 (1 Oct-30 Sept), Myanmar pulls only $4.52 billion investments. Consequently, it showed an increase of $1.16 billion in the FY2019-2020. Singapore topped the foreign investment line-up, followed by China and Thailand. Also, the investments flowed into Hong Kong (SAR), the UK, the Republic of Korea, Viet Nam, Malaysia, the Netherlands and Japan, the DICA stated. Myanmar has attracted $25.186 billion from 1,032 enterprises between the FY2016-2017 and the FY2019-2020 under the incumbent government period. (Translated by Ei Myat Mon)