They were commenting on the announcement by the Directorate of Investment and Companies Administration (DICA) that Myanmar Investment Commission (MIC) had permitted 204 local and overseas investments in the first six months of the current financial year.
MIC handed out 27 permits in September alone. The 204 permits granted so far this year represent a 20 percent increase on the same period last year.
DICA is on record as saying that the election would have no impact on the granting of permits.
Speaking to The Myanmar Times after a September workshop on foreign investment, DICA director general U Aung Naing Oo said, “Despite the election, the number of investors [granted permits] will not decrease. The MIC will continue to meet and investments will still be permitted. There is likely to be an increase over last year, and after the election there will be more investment.”
One of the 27 investments given the green light in September concerned the proposed joint-venture construction of an industrial city on 182 acres in Bawnatkyi village, Bago Region. Although domestic and overseas investments are increasing, more than half of these businesses are in food production, plastics and apparel, according to DICA.
“Investments will be coming in depending on the situation in the country. Big investors are still watching the local political situation, and corruption and the weakness of the financial sector are also important considerations,” the chair of the Association Myanmar Oil and Gas Servicing Enterprises, U Kyaw Kyaw Hlaing, told The Myanmar Times
Permits granted in the first half of this financial year went to 58 foreign investors, 127 joint ventures, 67 domestic investors, and 12 joint ventures between foreign enterprises and local government departments. Oil, gas and gold production companies have also been permitted to participate in joint ventures with foreign enterprises and government departments.
Since 1988, nearly 1000 foreign investments have been permitted, worth nearly US$57 billion.