You can read daily news of Global New Light of Myanmar using mobile applications. Download now!

August 08, 2020

Hong Kong SAR investments exceed $1.34 bln in Q3

Hong Kong SAR has emerged as the largest investor in Myanmar with 41 Hong Kong-based firms pumping in US$1.34 billion in real estate development, electricity, and garment businesses at the end of the third quarter of current financial year, according to the Directorate of Investment and Company Administration (DICA). Hong Kong SAR topped the list of investors in the past nine months, followed by Singapore, which invested an estimated $1 billion in 13 projects. Investments also flowed into the country from China, France, Germany, Indonesia, India, Japan, Malaysia, Macau, the Republic of Korea, Thailand, the UK, Sri Lanka, the Netherlands, Viet Nam, Samoa, Seychelles, Estonia.
Foreign direct investment (FDI) of $4.336 billion flowed into Myanmar during the October-June period, including an expansion of capital by existing enterprises, according to DICA.DICA intends to reach its FDI target of $5.8 billion in the 2019-2020 financial year.
“This year, infrastructure projects such as industrial parks and urban development projects are bringing large investments into the country,” said DICA Director-General U Thant Sin Lwin. “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 said.
The economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong emerged as the fourth largest investor in Myanmar after Singapore, China, and Thailand. Between 1988 and June 2020, 261 enterprises from Hong Kong brought in foreign direct investment of $9.6 billion into Myanmar, according to official data on permitted enterprises provided by the DICA. — GNLM (Translated by Ei Myat Mon)


Related posts