EU’s withdrawal of GSP not to affect foreign investment flow in Myanmar: official

YANGON, Oct. 28 (Xinhua) — The European Union (EU)’s probable withdrawal of its Generalized Scheme of Preference (GSP) will not impact the foreign investment flow in Myanmar, the official Global New Light of Myanmar quoted an investment administration official as saying Sunday.

This will be due to the fact that EU countries have never been leading investors in Myanmar’s investment sector, said U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA).

EU has granted the GSP since 2013. However, EU Trade Commissioner announced on Oct. 5 that they will send commission to Myanmar to observe for consideration to revoke GSP out of Rakhine issue.

There are some European investors in Myanmar but their investment mainly go to oil and gas sector, according to DICA.

U Than Aung Kyaw said the government is deliberating to work out a policy if EU revokes the GSP.

Statistics show that foreign investment in Myanmar reached 77.285 billion U.S. dollars as of the end of August 2018 since late 1988 when the country opened to the investment, in which China topped with 20.097 billion U.S. dollars, followed by Singapore with 19.644 billion U.S. dollars, Thailand with 11.092 billion U.S. dollars and China’s Hong Kong with 7.867 billion U.S. dollars.

Britain stood as the fifth largest investor with 4.382 billion U.S. dollars, representing the top investor among the EU countries, followed by the Netherlands with 1.528 billion U.S. dollars at the ninth position.

Source: XINHUANET

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