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Investments declined in 2017-18: MIC

Despite an increase in the volume of projects, total investment in value terms fell by around US$900 million in 2017-18 compared to 2016-17, U Thaung Tun, chair of the Myanmar Investment Commission (MIC), said in Parliament last week.

In the 2017-18 fiscal year, Myanmar received $5.7 billion for 222 projects. Around $1 billion of the investments were channeled the ongoing expansion of 82 existing projects. In comparison, the country received $6.6 billion for 135 investments the year before.

Investments from a total of 28 countries were approved in 2017-18 compared to 25 in 2016-17, with China, the Netherlands, Japan, South Korea, the UK and the US among the top investors.

Around a third of the investments were channeled into the industrial sector, while real estate and construction absorbed around 22pc of the funds each.

Myanmar citizens contributed a fair share to total investment volumes, with locals investing a total K3.5 trillion in 119 new businesses during the year, said U Thaung Tun. Around K400 billion was channeled into existing projects.

More than 100,000 jobs were created in the process, he added.

SOURCE: MYANMAR TIMES

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