China forecast to be top Myanmar investor this fiscal year: UMFCCI

With the bulk of Chinese capital invested in the infrastructure sector, China is likely to be the top foreign investor in Myanmar in fiscal 2020-21, according to the Union of Myanmar

Federation of Chamber of Commerce and Industries (UMFCCI).
“Investments are also likely to come from China as the country has already started to recover from COVID-19,” said U Maung Maung Lay, Vice Chair of the UMFCCI.

He added that Myanmar can expect Chinese funds to flow into strategic infrastructure projects that support its Belt and Road Initiative.China invested over US$3.47 billion in 375 businesses in Myanmar since fiscal 2016-17, according to the Directorate of Investment and Company Administration (DICA).

Besides China, another potential investor is likely to be the US, U Maung Maung Lay said.The US appears keen to accelerate its investments in Myanmar and it could seek to offset some of China’s current projects in the country beyond COVID-19, said U Maung Maung Lay.

The US may increase its investments in energy, telecommunications, tourism, and natural gas production sectors, he said.Myanmar is targeting US$5.8 billion in foreign direct investments in 2020-21 and US$ 8.5 billion in 2021-22.
It is aiming to promote and draw investments into the agriculture, fisheries, industrial and technology sectors this year. – Translated

Source : Myanmar Times

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