Myanmar primarily drawing investment from ASEAN, East Asian countries: MIC

By Nyein Nyein

MYANMAR is attracting foreign direct investment mainly from ASEAN and East Asian countries, said U Aung Naing Oo, Secretary of Myanmar Investment Commission.

“We are inviting investment from ASEAN’s external partner East Asian countries — Japan, South Korea, China, Hong Kong, and China (Taipei). Myanmar is targeting FDI from East Asian countries, including India,” said U Aung Naing Oo.

The manufacturing sector absorbs the largest share of investments in Myanmar, with FDI mostly flowing into cutmake-pack garment businesses, food processing businesses, electronic enterprises, and footwear businesses, according to the MIC.

“In addition, luggage manufacturing businesses are likely to pull investment into the country. Those businesses can benefit from the Generalized System of Preferences (GSP) of the US,” said U Aung Naing Oo.

Singapore currently tops the list of countries investing in Myanmar, followed by China and then Thailand. Hong Kong is Myanmar’s fourth largest investor.

The MIC is holding investment forums in the regions and states to spur investments. Between 1 October, 2018 and 15 March, 2019 in the current fiscal year, 129 foreign enterprises with an estimated capital of over $1.94 billion were permitted to invest in the country. In the corresponding period of the previous FY, only 80 investment projects were approved by Myanmar.

The MIC is targeting to attract $5.8 billion in FDI in the 2018-2019 financial year. (Translated by Ei Myat Mon)