By Nyein Nyein
Myanmar Investment Commission (MIC) will critique the Myanmar Investment Promotion Plan, said U Thant Sin Lwin, secretary of MIC.
The commission and Japan International Cooperation Agency (JICA) will jointly review the MIPP, affected by the coronavirus crisis, to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era.
“As per the MIPP, there are four task forces in which digitization is included. We need to review the digital industrial technology, with the assistance of JICA. Digitization plays a pivotal role in the coronavirus crisis. Consequently, the business digitization is required to be reviewed in manufacturing, production and related industries, he stressed. An Investment Promotion Committee meeting was held on 15 September, resulting in a decision to analyze the MIPP on account of the world economic situation.
“To promote the investment, the MIPP is carefully implemented by paying close attention with mindful and close observation of detail,” the MIC secretary said.
The MIPP stated that Myanmar intends to reach foreign direct investment target of US$5.8 billion for the Financial Year 2020-2021. Myanmar set FDI target of $5.8 billion in the previous FY; however, it reached nearly the mark — only $5.68 billion owing to the COVID-19 negative impacts.
MIPP includes the first five-year plan, the second five-year plan, the third five-year plan and the fourth five-year plan. The objectives of MIPP are to realize the responsible and quality investments necessary for Myanmar to become a middle-income country by 2030 and to pursue subsequent further growth until 2035, through the fundamental improvement of the business environment.
According to MIPP, the expected foreign investments are US$5.8 billion from 2016-2017 to 2020-2021 financial years and then increase to $8.5 billion from 2020-21 to 2025-26FYs. The FDI is possible to grow up to US$12.3 billion in another five-year term from 2026-2027 to 2030-2031FYs. It is expected that the total foreign investment to reach US$17.6 billion from 2031-2032 to 2035-36FYs.
As per the MIPP, the country expects to attract foreign direct investments of over $200 billion in 20 years, said U Thaung Tun, Union Minister for Investment and Foreign Economic Relations. (Translated by Ei Myat Mon)
By Nyein Nyein