During the eleven-and-a-half months from October to mid-September in the current fiscal year, foreign direct investment of US$4.3 billion flowed into the country, including capital expansion by existing enterprises, according to the Directorate of Investment and Company Administration.
The total figure includes investment of $362 million in the Thilawa Special Economic Zone.
The Myanmar Investment Commission has set an FDI target of $5.8 billion for the current FY. However, only $4.3 billion has flowed into the country in the past eleven-and-a-half months, according to the DICA.
In a press statement, the DICA has stated that 262 foreign enterprises obtained MIC permits and endorsements from regional and state investment committees between 1 October and 14 September in the current fiscal, bringing in a capital of $2.59 billion. Singapore-listed enterprises were the largest investors during the October-September period, followed by China and Hong Kong.
Transport and communications absorbed over $1.5 billion in FDI, topping in the investment sector line-up, followed by the manufacturing sector.
In the 2018-2019 fiscal year, foreign investments have flowed into agriculture, livestock, manufacturing, power, transport and communications, hotels and tourism, real estate, industrial estate, and other services sectors.
Under the Myanmar Investment Law, the Region and State Investment Committees are allowed to endorse local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. This is aimed at simplifying the verification process of investment projects.
By Nyein Nyein(Translated by Ei Myat Mon)