From April to June this year, the total foreign investments in local manufacturing sector reached US$ 275.663 million, down US$ 361.708 million compared with the same period last year.
Aung Naing Oo, Secretary of Myanmar Investment Commission said: “The total FDI inflow is difficult to achieve its goal of hitting US$ three billion in the interim budget period from April to September as the situation continues. At the beginning, the FDI inflow is low. We need to put more efforts to ensure an increase in the inflow of FDI. It is difficult to find an additional 1.5 billion.”
“Some ministries have big projects. The FDI inflow will exceed its target if these projects can complete within three months. For instance, power generation with the use of LNG. The MIC is negotiating with the Ministry of Electricity and Energy on it,” he added.
The MIC is working on the scrutiny and issuance of permits and the compilation of actual inflow of FDI based on the quarterly reports.
The actual total FDI inflow exceeded US$ 4.3 billion in 2017-2018 FY. Last year, the total FDI reached US$ 367.371 million.