Myanmar has attracted US$209.616 million in foreign direct investments as of 25 November in the current financial year2020-2021 started on 1 October, including the expansion of capital by the existing enterprises, as per the statement of Myanmar Investment Commission (MIC).
The figures also include $9.86 million in investments in Thilawa SEZ under the Special Economic Zone Law.
According to the statistics, 14 foreign enterprises have obtained permits from MIC and endorsements from regional and state Investment Committees between 1 October and 25 November in the current FY under the Myanmar Investment Law, bringing in the capital of $65.786 million. Amid the COVID-19 concerns, foreign direct investments flow into many types of businesses, including the garment enterprises, MIC stated.
Of the investment proposals, the manufacturing and labour-intensive businesses are prioritized by the commission. The commission ensures to approve responsible companies by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects, said U Thant Sin Lwin, secretary of MIC.
In the current financial year, the MIC has set an FDI target of $5.8 billion. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
The country fell short of the FDI target of $5.8 billion in the 2019-2020 financial year, registering FDI inflows of only $5.68 billion, according to data from the DICA. The commission and Japan International Cooperation Agency (JICA) will jointly review the Myanmar Investment Promotion Plan due to the coronavirus impacts, to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era.
As per the MIPP, the country expects to attract foreign direct investments of over $200 billion in 20 years. — Htet Myat
(Translated by Ei Myat Mon)
