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August 13, 2020

Myanmar FDI fetches $4.6 bln in 10 months, closer to its target $5.8bln

Myanmar Investment Commission  issues permits to 208 foreign enterprises in this financial year.  PHOTO: Phoe Khwar
Myanmar Investment Commission issues permits to 208 foreign enterprises in this financial year. PHOTO: Phoe Khwar

By Nyein Nyein
Myanmar is expected to meet its foreign direct investment (FDI) target of US$5.8 billion in the current fiscal year 2019-2020, and over $4.6 billion flowed into the country around the ten months, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration (DICA). “We intend to reach FDI target of US$5.8 billion in the current fiscal year,” he highlighted. Only over a billion dollar is required to meet the target. As per the meeting of Myanmar Investment Commission held on 10 July, 19 foreign enterprises have obtained permits from the MIC and endorsements from the respective investment committees of Yangon, Bago, Ayeyawady and Magway regions, and Shan State. Those projects brought in the capital of over $170.275 million and are to create more than 11,300 jobs for the local residents. They will execute in manufacturing, livestock and fisheries, hotel, electricity, agriculture and another service sector. In the current fiscal, 208 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal and brought in the capital of over $3.39 billion.
Myanmar attracted foreign direct investment of more than US$4.6 billion between 1 October and 10 July in the current financial year, including the expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA). The total figure includes investments of $116.557 million in the Special Economic Zones, under the Special Economic Zone Law. At the present time, the foreign investments, as well as domestic investments, are growing, despite the COVID-19 impacts on Myanmar’s economy. The existing businesses are also seen the expansion of capitals and an increase in the labour force, the MIC stated. (Translated by Ei Myat Mon)

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