Myanmar has imported capital goods worth over US$1 billion over the past two months this fiscal year, exceeding by over US$80 million compared to the same period of last fiscal year, according to sources released by the Ministry of Commerce.
From October 1 to November 29 in the current 2019-2020 fiscal year, import value of capital goods reached US$1.021 billion while last year’s value amounted to US$934.902 million. So, this year’s amount exceeded US$86.701 million.
From October 1, the beginning of the current financial year, to November 16, 35 businesses with a total foreign investment US$496.282 million were approved. During that period, the old businesses extended their investment amount to over US$18 million. And new investment amount reached US$514.882 million.
The amount of foreign investment allowed at Thilawa Special Economic Zone in line with the special economic zone law has reached US$14.303 million. Therefore, a total foreign investment of US$529.189 million including improved existing investment was allowed in one and a half months this fiscal year.
Myanmar is trying to receive a total foreign investment of over US$220 billion in 20 years and see responsible investment.
Myanmar is implementing foreign investment promotion projects with the aim of becoming a moderate-income country by 2030.
Those projects are being implemented in short- and long-term periods—short-term period from 2016-2017 FY to 2020-2021 FY, short-term period from 2021-2022 FY to 2025-2026 FY and long-term period from 2026-2027 FY to 2035-2036 FY.
