Additional investments reach to nearly US$500 M

Writer: 
Nilar
A garment factory in Shwe Pyi Thar industrial zone (Photo-Zeya Nyein)

 

Additional investments from the investors currently in the running are almost at US$500 million within four-month of this fiscal year and most of them are made in garment and production sectors, said Deputy Director General Than Aung Kyaw from Directorate of Investment and Companies Administration (DICA).

“Myanmar has about US$6 billion of investments annually and two billion of them are invested by the investors currently running. Additional investments reached to US$500 million in April, May, June and July in this year. It is a large amount and most of them were made in garment and production sectors,” he said during a business talk held by Myanmar Investment Commission (MIC).

While the government initially estimated about US$6 billion worth of foreign investments will make annually, they have recasted the numbers to be at US$5.8 billion. The government drew foreign direct investment promotion plan (FDIPP) previously and now they have drawn Myanmar investment promotion plan (MIPP) in conformity with changes of investment policy, economic policy, and environment and world situation, according to Than Aung Kyaw.

“We also drew the Myanmar sustainable development plan (MSDP) in accord with economic policy. We fixed the timeframe from 2016-17 to 2020-21 to earn US$6 billion annually from foreign investments. We expect now that the foreign investments will increase from 2020-21 to 2025-26 and earned US$8.5 billion. It will grow up to US$12 billion in another five-year term. We expect the total foreign investment numbers to be at US$17 billion in 2035-36 fsy,” he said.