Till early May of this fiscal year, the total foreign investments in the farming sector reached over 14 million US dollars, up 10.752 million US dollars compared with the same period last year, according to the Directorate of Investment and Company Administration.
From October 1 to May 3 of 2018-2019 FY, the farming sector saw an inflow of FDI worth 14.041 million USD.
During the same period last year, the total FDI in the sector amounted to 3.288 million USD.
Union Minister for Agriculture, Livestock and Irrigation Dr. Aung Thu said for the development of agricultural sector, the ministry is implementing the projects through local and foreign investments and technical cooperation. Inviting SMEs, development of agro-based products basic factories, inviting investments for post-harvest technology and seed sector, would promote the interests of farmers as well as helping further develop the agro projects market.
The Myanmar Investment Commission (MIC) will grant permits to the investment proposals for the agricultural sector as quickly as possible. During this year, the agricultural sector is included on the list of the priority sectors for investment promotion.
An official of the DICA said: “Investors will calculate whether the current bank interest rate. Another point is the payback period, the early breakeven. Payback period in the agricultural sector is very long. Less inflows of FDI in the agricultural sector is linked to the fact that investors thoroughly think about the above-mentioned points.”
