Myanmar Will Hit This Year’s Foreign Investment Target After All, Says DICA Official

Myanmar can reach its target amount of investment for this fiscal year despite a slow start that raised doubts the country would bring in the $6 billion projected

by officials, the Directorate of Investment and Company Administration (DICA) has said.

U Aung Naing Oo, DICA’s Director General, said that although approved proposals are down more than $1 billion from the same period last year, there are $3 billion

worth of proposals that have been submitted and are pending approval.

He had previously warned that Myanmar may struggle to reach the target.

The pending $3 billion is from 52 proposals still awaiting approval from the body, and signing off on those would easily bring Myanmar over its target before end of this fiscal year, the Director General said.

As of December last year, investment reached $4.96 billion, while this year over the same period it slid to $3.65 billion, down $1.31 billion.

Foreign investors are, though very much interested in Myanmar’s abundant resources and low labour costs, have adopted a “wait and see” approach as the country irons out its investment policy and drafts bylaws for a newly approved investment law.

“In the global economic landscape, foreign direct investments are slowing down,” U Tin Aung Kyaw, another senior official from DICA, said. “China’s weak overseas investment might reflect on Southeast Asian nations,” he added.

The Myanmar Investment Commission has approved 78 investment proposals this year as of December, with Singapore, China, Hong Kong, Thailand, and Japan among the top investors.

 

Source: Myanmar Business Today

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