Foreign investment volume for this financial year reached US$4.78 billion (6.4 trillion kyat) as of the end of December, up $1 billion compared to the same period last year, a Directorate of Investment and Company Administration (DICA) source said.
Myanmar received a little over $4.78 billion in foreign investment up to December in this fiscal year, while
over $3.52 billion of foreign investment flowed into the country in the same period last year. That represents an increase of over $1.26 billion year over year.
Foreign investment volume reached more than US$75 billion from 1988-1989 FY to 2017-2018 FY, with China standing on top of the foreign investment table, followed by Singapore. Most foreign investment flowed into the oil and gas sector followed by the energy sector.
Foreign investment must be encouraged under the second short-term five-year plan for national development projects from 2016-2017 FY to 2020-2021 FY. Also, exports and privatisation will be promoted in collaboration with regional development projects. Private investment are to be negotiated for to ensure benefits for Myanmar’s people.
The five-year plan for national development also requires that to attract foreign investments, restrictions must be reviewed and reduced. High land prices must also be reduced. Market research data for domestic business types and related ones must be provided.
The government must issue accurate and reliable statistics in a timely manner. Industrial development policies must be adopted to increase value-added production. The basic requirement is a reliable supply of electric power. Transport infrastructure must be facilitated.