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August 08, 2020

Investments from Hong Kong cross $1.15 bln

Hong Kong has emerged as the largest investor in Myanmar in the current fiscal with 28 Hong Kong-based firms pumping in US$1.15 billion in real estate development, electricity, and garment businesses as of January, according to the Directorate of Investment and Company Administration (DICA).
Hong Kong topped the list of investors in October, followed by Singapore, which invested an estimated $513.46 million in five projects.
Investments also flowed into the country from France, Germany, India, Japan, Malaysia, the Republic of Korea, Thailand, the UK, Viet Nam, Samoa, and China (Taipei).
Foreign direct investment (FDI) of $2.08 billion flowed into Myanmar during the October-January period, including expansion of capital by existing enterprises, according to DICA.
The DICA intends to reach its FDI target of $5.8 billion in the 2019-2020 financial year.
“South east Asian countries see investment potential in Myanmar on account of cheap labour and business opportunities. Thus, larger entities are likely to enter the country,” said U Thant Sin Lwin, director-general of the DICA.
“We see much investment potential for large companies. We are prioritizing responsible businesses and so, we are taking special care while screening investment proposals,” he said.
Large investments are likely to flow into the oil and gas, agriculture, mineral, manufacturing, and industrial estate sectors in the current financial year, he added.
The economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong emerged as the third largest investor in Myanmar, after Singapore and China. Between 1988 and October, 2019, 199 enterprises from Hong Kong brought in foreign direct investment of $8.48 billion into Myanmar, according to official data on existing enterprises provided by the Directorate of Investment and Company Administration. — GNLM  (Translated by Ei Myat Mon)

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