September 25, 2017

Local, foreign investments in first half of FY reach only US$2billion

Factory workers work at the Thilawa Special Economic Zone outside Yangon, on 23 September 2015. Photo: Xinhua
Factory workers work at the Thilawa Special Economic Zone outside Yangon, on 23 September 2015. Photo: Xinhua

Both local and foreign investments in the first half of fiscal year 2016-2017 reached only US$2billion, despite the fact that the investments are expected to hit US$6billion, according to Myanmar Investment Commission (MIC).
The investments in the first six months of last year were over US$3billion, US$1 billion higher than that of this fiscal year.
“The inflow of investments this year is on the decline. The expected investment is US$6billion and we cannot say for sure whether it can meet the target or not. The investors from within and without the country were still observing during the period of transition”, said U Aung Naing Oo, the secretary of MIC.
Efforts will be exerted in a bid to attract more investors in Thilawa Special Economic Zone (SEZ). In making investment proposals, the investment plan is drawn up on the basis of a national plan, it is learnt.
“We mainly focus on Thilawa SEZ to attain more investments. We are trying to approve the submitted proposals in hand as soon as possible after verification and assessments to check whether it meet the prescribed criteria”, said U Aung Naing Oo.
China is the main investor in Myanmar, followed by Singapore and Thailand. The manufacturing sector garners the largest investments. Additionally, heavy investments occur in the industrial businesses, transport and communications sectors.—Myitmakha News Agency

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