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FDI Tops $1bn in Less Than Two Months – Myanmar on Course to Meet Yearly Target

Foreign direct invest­ment into Myanmar has topped $1 bil­lion so far this fiscal year, meaning the country is comfortably on course to meet its target of $6 bil­lion by the end of March next year.

The figures come from the Directorate of Invest­ment and Company Ad­ministration (DICA) and cover the period from the start of April until the third week of May.

To stay on track to hit its target, the country will need to attract an average of at least $1 billion every two months.

In April alone, $656 million worth of projects were approved by the investment body; Myan­mar’s headline FDI fig­ures are calculated using the projected value of approve projects, rather than actual inflows.

However, the $6 billion target is modest com­pared to the levels of FDI that flowed into Myanmar under the USDP govern­ment, topping $9 billion.

At the start of the pre­vious financial year, FDI inflows were put on hold because the government failed to appoint new members to the Myanmar Investment Commission, which works alongside DICA to approve invest­ments.

The DICA figures also show that oil and gas is the most lucrative sector since records began in 1988 for foreign investment, at­tracting over $22.4 billion up to May this year.

That is closely followed by the power generation sector, which has drawn in $20.5 billion since 1988. Transport and com­munication has attracted a total of $8.2 billion dol­lars in the same period.

Much of that entered the country in recent years following the liberalisation of the mobile phone network market and the end of the mili­tary-backed monopoly on internet services.

 

Source: Myanmar Business Today

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