From 1988-1989 fiscal year until September this year, foreign direct investment (FDI) in the local agricultural sector exceeded US$380 million, which accounts for 0.51 per cent of total FDI, according to Directorate of Investment and Company Administration.
In the fiscal year to September, the amount of FDI in the agricultural sector reached $130.207 million.
In 1988-1989 financial year, FDI amounted to $34.351 million. There was no inflow of FDI into the agricultural sector for five consecutive years. In 2010-2011, the FDI reached $138.750 million.
The sector did not see an inflow of FDI in 2011-2012 and 2016-2017. The FDI in the sector amounted to $9.65 million in 2012-2013, $20.269 million in 2013-2014, $39.666 million in 2014-2015, and $ 7.18 million in 2015-2016.
The Myanmar Investment Commission said it would grant further permits for FDI in the agricultural sector. This year, agriculture is one of the priority sectors for investment promotion.
Kyaw Win, Union Minister for National Planning and Finance, said in a bid to develop the agricultural sector, the ministry planned to grant loans to farmers so they could purchase farm equipment.
Dr Aung Thu, Union Minister for Agriculture, Livestock and Irrigation, said the ministry was working to develop the agricultural sector with local and foreign investments and technical cooperation.
Efforts to ensure the emergence of small-and medium-sized enterprises, develop agro-based products factories and invite investors for farm equipment, post-harvest technology and seed sectors, would bring about the interest of farmers and the establishment of an agro-produce market, he said.