YANGON—Singaporean companies have been expanding their investments in Myanmar sectors such as energy, construction, hotels and tourism, agriculture and the industrial sector, making it the largest foreign investor in the country, according to the Directorate of Investment and Company Administration (DICA).
DICA’s statistics for last month show that overall foreign investment reached more than US$ 1 billion with Singapore as the top investor, followed by Hong Kong, South Korea and Japan. Those countries invested most in the garment, manufacturing and beverage distribution sectors, as well as communication.
The Myanmar Investment Commission allowed a total of 13 foreign investments last month. Of those, three companies are from Singapore and Hong Kong, two from South Korea and Japan and the rest from China, Thailand and the United Kingdom.
As of December last year, the total amount of foreign investment was US$ 44.2 billion. Foreign investors are putting their money in energy, oil and natural gas, manufacturing and industrial, mining, hotel and tourism, real estate, transportation, communications, agriculture, and construction. Most foreign investment is in the energy sector, which accounts for 42.5 percent of all foreign investment.
Meanwhile, in the hotel and tourism industries of Myanmar, 14 Singaporean hotel companies have invested US$ 880.4 million, followed by 10 Thai companies at US$ 235.7 million, six Japanese companies at US$ 183 million, and four Hong Kong companies at US$ 150 million. As well, two Malaysian companies invested US$ 20 million and one Vietnamese company US$ 440 million, one British company US$ 3.4 million, and one United Arab Emirates company US$ 4 million, according to the Ministry of Hotel and Tourism.
“The ministry gave the green light to 39 foreign investors to work in Myanmar’s hotel and tourism sector last year. Those companies invested US$ 1.9 billion in 2013,” said a ministry official.
Source: ELEVEN Myanmar