During six months of the current fiscal year, the inflow of foreign direct investments had increased by over 600 million US dollars, said Aung Naing Oo, Secretary of Myanmar Investment Commission (MIC).

“From October 1, 2017 to March 15, 2018, the MIC granted permits to 80 projects including Thilawa Special Economic Zone Project. The total FDI was worth 1.315 billion US dollars. This year, the total FDI reached 1943.976 million, up over 600 million US dollars compared with the same period last year. The number of projects which got the nod from the MIC was 129, up 40 compared with last year’s figures,” he added.

Until February, 2018-2019 FY, the total FDI by 49 countries in Myanmar exceeded 79.4 billion USD, with Singapore topping the list with over 20.8 billion USD, China with over 20.3 billion USD, according to the Directorate of Investment and Company Administration (DICA).

Singapore accounts for 26 per cent of the total FDI and China, for over 25 per cent.

Since the time of the Thein Sein’s administration, Singapore overtook China.

The total FDI hit over 4.1 billion USD in 2013-2014 FY, over eight billion USD in 2014-2015 FY and 9.5 billion USD in 2015-2016 FY.