Foreign investment is expected to hit up to US$ 5.8 billion in 2018-2019 fiscal year, said Aung Naing Oo, Director-General of Directorate of Investment and Company Administration, at a ceremony to introduce the book titled “Myanmar Investment Promotion Plan (MIPP)” at Thingaha Hotel in Nay Pyi Taw on October 8.
This book aims to attract an inflow of foreign investments into the country and increase citizen investments in the country, he said.
“Now is the short-term period plan. The monthly inflow of foreign investments is at least US$ 500 million. During the six-month mini budget period, the monthly inflow of foreign investments amounted to around US$ 350 million on average. During the previous six-month period, the inflow of FDI declined slightly. The new fiscal year (2018-2019) starts on October 1 this year and ends on September 30 next year,” he continued.
Myanmar Investment Promotion Plan started in 2016-2017 FY and will end in 2035-2036 FY. The government term will be designated as a term which covers short, mid and long-term. The short-term project is in the current government’s tenure.
“The first goal is to ensure the FDI hits US$ 5.8 billion a year in the tenure of the incumbent government. We will carry out the short-term projects throughout the implementation of the plan. We have to carry out reviews, field works, coordination with ministries and discussions with investors. We have a plan to continue implementing five tasks.
The five tasks are: to enforce the policies, rules and regulations pertaining to investments, form a strong investment organization, to ensure infrastructural development and make all environments related to economy and overall ecosystem better.
“In addition to the acting as the invitation towards foreign investments, the plan also targets development of small and medium-sized enterprises and other businesses in the country. Thanks to the links between FDI and local industries and other businesses, citizens will enjoy more benefits. In addition, foreign investors can create a favorable condition that can save expenditures and get resources. We aim to develop local industries and set up a connection with foreign investments. What the most important thing is human resource development and technical transfer.
Five tasks included in Myanmar Investment Promotion Plan will be implemented after the formation of respective work committee.