Singapore has topped the list of foreign investment countries, overtaking China which once was the top investor in Myanmar, according to the Myanmar Investment Commission (MIC).

Singapore stands first in the FDI list with 1,571.433 million US dollars or over 65 per cent of the total FDI, China, second, with 295.694 million USD or 12 per cent.

Last year, China stayed at the first place with 575.214 million USD or 35.35 per cent of the total FDI, Singapore, second, with 477.752 million or 29.36 per cent.  

Hong Kong’s investment has reached 245.967 million USD or over 10 per cent of the total FDI, Thailand, over 115 million USD or 4.79 per cent, South Korea, 72.447 million USD or over three per cent.

Till early May of 2018-2019 fiscal year, the country saw the inflow of FDI worth 2547.355 million USD, up over 718 million USD compared with the same period last year.

From October, 2017 to May 3, 2018, the inflow of FDI hit 1829.283 million USD.

With the aim of enabling Myanmar to become a middle-income country by 2030, the government is implementing the 20-year Myanmar Investment Promotion Plan.

An official of the Directorate of Investment and Company Administration said: “The Myanmar Investment Promotion Plan is from 2016-2017 to 2035-2036. The move is to ensure transparent investment and the emergence of governance system and investment promotion, the improvement of the organizations, infrastructural development, providing assistance to the business-related system and the emergence of competitive industrial chains and human resources. In addition, Myanmar aims to become a middle-income country by 2030.”