TWENTY Hong Kong-based companies pumped in US$824.89 million into Myanmar in the past three months of the current financial year, according to the Directorate of Investment and Company Administration (DICA).
Myanmar’s power and real estate sectors attracted large investments from Hong Kong firms.
Hong Kong topped the list of investors during the October-December period, and was followed by Singapore, which invested an estimated $166.8 million in four projects.
Foreign direct investment (FDI) of $1.164 billion flowed into Myanmar as of end-December in the current FY. Investments also flowed into the country from Germany, France, India, Japan, Malaysia, the UK, Viet Nam, China (Taipei), and Thailand.
The DICA intends to reach its FDI target of $5.8 billion in the current FY. “South East Asian countries see investment potential in Myanmar on account of cheap labor and business opportunities. Thus, larger entities are likely to enter the country,” said U Thant Sin Lwin, Director-General of the DICA.
“We see much investment potential for large companies. We are prioritizing responsible businesses and so, we are taking special care while screening investment proposals,” he said.
Large investments are likely to flow into the oil and gas, agriculture, mineral, manufacturing, and industrial estate sectors, he added.
Economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong has emerged as the third largest investor in Myanmar, after Singapore and China. Between 1988 and December, 2019, 215 enterprises from Hong Kong brought in foreign direct investment of over $9 billion into Myanmar, according to official data on existing enterprises provided by the Directorate of Investment and Company Administration. —GNLM
(Translated by Ei Myat Mon)
