Foreign investment worth of more than US$ 5,400 million flowed in real estate sector from 1988-1989 to 2018-2019 FY

The photo shows an aerial view in Yangon. (Photo-Nilar)

Published 23 September 2019

Nilar

Foreign investment worth of more than US$ 5,400 million flowed in real estate sector from 1988-1989 fiscal year to August of 2018-2019 FY, according to the official statistics of Myanmar Investment Commission.

From October 1 to the end of August in 2018-2019 FY, foreign investment volume reached US$ 183.533 million in the real estate sector.

The official statistics of the Directorate of Investment and Company Administration (DICA) showed that foreign investment volume reached US$ 22,420.572 million in oil and gas sector, US$ 21,178.132 million in energy sector, US$ 11,430.434 million in production sector, US$ 10,908.433 million in telecom and transport sector, US$ 5,439.880 million in real estate sector and US$ 3,098.936 million in hotel and travel sector from 1988-1989 fiscal year to August of 2018-2019 FY.

Foreign investment volume has reached more than US$ 4,300 million 15 days to end the 2018-2019 fiscal years, but US$ 1,470 million is still needed to meet the target, said a source from Directorate of Investment and Company Administration (DICA).

Myanmar hoped that foreign investment volume would reach up to US$ 5,800 million in 2018-2019 FY.

Myanmar Investment Commission held its meeting number (15/2019) on September 14 during which 10 foreign investment businesses were approved, according to the MIC.

The MIC permitted three proposed businesses, Yangon Region Investment Committee, six approved businesses and Nay Pyi Taw Council Investment Committee, one approved.

The 10 foreign investment businesses are worth of US$ 43.771 million and that will provide 5,619 job opportunities. Nine businesses will go to industrial sector and one to livestock and fisheries.

From October 1 to September 14 of 2018-2019 FY, 262 foreign investment businesses were permitted and foreign investment volume reached US$ 2,594.544 million. The volume of increased foreign investment was US$ 3,959.640 million.

According to special economic zone law, the totally approved foreign investment volume including increased foreign investment reached US$ 362.280 million from October 1 to September 14 of 2018-2019 FY.

The total foreign investment volume reached US$ 4,321.920 million from October 1 to September 14 of 2018-2019 FY.

Myanmar investment promotion project is divided into three sections--five years of short term (2016-2017 to 2020-2021 FY), five years of medium term (2021-2022 to 2025-2026 FY) and 10 years of long term (2026-2027 to 2035-2036 FY).