Total FDI exceed $ 4180 million in nearly eight months: MIC

Yangon—In nearly eight months of the current fiscal year, the total Foreign Direct Investments have exceeded 4,180 million US dollars, according to the statement by the Myanmar Investment Commission (MIC). 

A total of 13 foreign investments—four proposals and two approvals by the MIC, three approvals by Yangon Region Investment Committee and four by Bago Region Investment Committee.

The FDI amounts to 735.696 million US dollars, creating 9,761 jobs for locals. 

The 13 FDI include 10 from the industry sector and one each from the industrial zone sector, electricity sector and other sectors. 

Till May 22 of 2019-2020 FY, the total FDI hit 4187.626 million US dollars—4095.769 million US dollars by 175 investments and 91.857 million US dollars according to the Special Economic Zone Law. 

 Singapore, China and Thailand have topped the list of FDI at the end of March. A total of 51 countries have made investments in 12 sectors. Oil and gas sector accounts for 26.94 per cent of the total FDI, electricity sector, for 26.26 per cent, the manufacturing sector, for 14.18 per cent, according to the figures from the Directorate of Investment and Company Administration.

For investment promotion, Myanmar has set a five-year short-term plan (2016-2017 to 2020-2021), five-year medium-term plan (2021-2022 to 2025-2026) and ten-year long-term plan (2026-2027 to 2035-2036).