Myanmar has imported capital goods worth over US$890 million in about two months this fiscal year, exceeding by over US$60 million compared to the same period of last fiscal year, according to sources released by the Ministry of Commerce.
From October 1 to November 22 in the current 2019-2020 fiscal year, import value of capital goods reached US$890.210 million while last year’s value amounted to US$833.025 million. So, this year’s amount exceeded US$57.185 million.
From October 1 which is the beginning of the current financial year to November 16, 35 businesses with a total foreign investment US$496.282 million were approved.
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.
