In 2017-2018 fiscal year, the total foreign investments dropped by around US$ 900 million compared with that of in 2016-2017 FY despite an increase in the number of investing countries and businesses, said Thaung Tun, chairperson of Myanmar Investment Commission (MIC).
Thaung Tun submitted the MIC’s report from April 1, 2017 to March 31, 2018, at the Union parliamentary session on August 24.
“In 2016-2017 FY, the MIC allowed 135 investments from 25 countries worth US$ 6.649 billion. It was found that the number of investing countries and businesses has increased in 2017-2018 FY.”
In 2017-2018 FY, the MIC allowed 222 investments worth US$ 4.778 billion and the promotion of investments worth US$ 0.94 billion by 82 existing businesses. The total foreign investments hit US$ 5.718 billion, he continued.
Industry sector topped the FDI list with 30.94 per cent, followed by housing and building development sector, with 22.07 per cent and other service sector with 17.58 per cent. According to the quarterly reports by businesses, the actual FDI amounted to US$ 4.341 billion.
In 2017-2018 FY, the MIC allowed investments from 28 countries. China led the FDI list, followed by the Netherlands, Japan, South Korea, UK and the US.
From 1988-1989 FY to 2017-2018 FY, the top foreign investors are China, Singapore and Thailand, according to Thaung Tun.