THE Directorate of Investment and Company Administration (DICA) received foreign direct investment proposals amounting to US$ 1.8 billion in the first six months of this fiscal year, it has been learned.
After the Myanmar Investment Commission (MIC) is refunded, foreign direct investment is expected to reach US$ 6 billion this fiscal year. The government has reduced the permitted amount of foreign investment compared with the same period last year. Currently, the MIC permits US$ 178 million in foreign investment.
The MIC mostly permitted foreign investment in the manufacturing sector as it provides many job opportunities.
Last year, foreign investors mainly invested in oil and natural gas. However, interest in those sectors has waned in favour of industry.
Foreign direct investment reached US$ 6 billion last fiscal year, according to figures from the DICA. The energy and manufacturing sector stood first in attracting foreign direct investment. The agriculture, livestock, and fisheries sectors also attracted significant foreign investment.