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May 29, 2020

Singapore FDI crosses US$526 mln in Oct-Feb period

Seven Singapore-listed enterprises have brought in US$526.18 million into Myanmar in the five months of the current fiscal year 2019-2020, according to data released by the Directorate of Investment and Company Administration (DICA).
Singapore companies put investments into urban development, real estate, power, and manufacturing sectors.
Hong Kong topped the list of investors in the current fiscal with an estimated capital of $1.28 billion, followed by Singapore.
Myanmar has attracted foreign direct investment of more than US$2.788 billion between 1 October and 6 March in the 2019-2020 financial year, including the expansion of capital by existing enterprises and investments of $84.267 million in the special economic zones, DICA stated.
“Myanmar set an FDI target of $5.8 billion in the current fiscal, but we can’t measure the impact of Covid-19 at present,” MIC Secretary-cum-DG of DICA U Thant Sin Lwin noted.
According to a press statement issued recently by the DICA, 136 foreign enterprises have obtained permits from the MIC and endorsements from regional and state Investment Committees in the current fiscal. Those enterprises are set to execute electricity, manufacturing, livestock and fishery, real estate development, hotels and tourism, and other services businesses.
“Infrastructural projects such as industrial parks and urban development projects are bringing investments into the country,” said DICA head U Thant Sin Lwin.
“Myanmar is trying to attract foreign investment by providing tax relief, tax incentives, investment opportunities, and ease and fast processing of proposals. However, the Ministry of Investment and Foreign Economic Relations has been inviting only responsible businesses to the country,” he said.
Earlier, Singapore stood as the largest foreign investor in Myanmar since 2012, pulling in the FDI of $2.4 billion in the last fiscal year 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively.
Additionally, Singapore emerged as the second-largest foreign investor in the Thilawa Special Economic Zone, after top investor Japan.—GNLM (Translated by Ei Myat Mon)

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