By Nyein Nyein
MYANMAR attracted more than US$3.3 billion in foreign direct investments in the seven months of the current fiscal, an increase of $900 million compared with the corresponding period of the previous FY, said DICA Director-General U Thant Sin Lwin.
Between 1 October and 30 April, FDI of $3.35 billion flowed into the country, including the expansion of capital by existing enterprises. According to a press statement issued by the DICA, 162 foreign enterprises obtained permits from the Myanmar Investment Commission (MIC) and endorsements from regional and state Investment Committees in the current fiscal.
In the year-ago period, FDI of $2.4 billion had flowed in from 150 enterprises.
“The number of permitted or endorsed enterprises this year was 12 higher than last year. Additionally, the COVID-19 consequences have not affected the foreign investments”, said U Thant Sin Lwin. The proposals submitted to MIC include CMP businesses. At present, such kind of labour-intensive enterprises is facing financial hardship, disputes between the employers and employees and the closure of factories.
The manufacturing enterprises and businesses that need large labour force are prioritized. MIC is endeavouring to clear those kinds of projects so fast that they can start running in the post-coronavirus period, he continued.
Moreover, MIC showed readiness to accept the projects regarding the production of the mask, pharmaceuticals and medical equipment, in responding to the activities of prevention, control and treatment of coronavirus disease. Myanmar targets to attract $5.8 billion of FDIs in the current financial year.
The Ministry of Investment and Foreign Economic Relations is inviting responsible businesses so the country benefits, he said. “The Myanmar Investment Promotion Plan (MIPP) was drawn up with the assistance of the Japan International Cooperation Agency (JICA), and it is being implemented. As per the MIPP, Myanmar aims to reach an FDI target of $200 billion in 20 years,” said Union Minister U Thaung Tun of the Ministry of Investment and Foreign Economic Relations.
(Translated by Ei Myat Mon)
