BUSINESS Myanmar attracts nearly 2 bln USD foreign investments in 1st quarter of FY 2019-20

BUSINESS

Myanmar attracts nearly 2 bln USD foreign investments in 1st quarter of FY 2019-20

Xinhua

17:18, January 28, 2020

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A night view of Sule Pagoda, a stupa located in downtown Yangon, Myanmar. (Photo: Xinhua)

YANGON, Jan. 28 (Xinhua) -- Myanmar attracted investment capital of over 1.83 billion U.S. dollars from permitted foreign enterprises in first quarter of present fiscal year 2019-2020 which started in October last year, said a release issued by the Directorate of Investment and Company Administration (DICA) on Tuesday.

From Oct. 1, 2019 to Jan. 24 of this FY, the Myanmar Investment Commission (MIC) gave the nod to 100 foreign enterprises.

At a recent meeting of the commission earlier this month, a total of 23 foreign enterprises with investment capital of over 433.8 million U.S. dollars were approved by the MIC.

Creating 11,951 local employment opportunities, the investments from the recently approved enterprises entered the country’s power, real estate, livestock and fisheries and manufacturing sectors, respectively.

Meanwhile, the MIC gave the green light to 39 Myanmar citizen investment enterprises with over 647.6 billion kyats (431.7 million U.S. dollars) as of Jan. 24 in present FY 2019-2020.

Regionally, the Yangon region attracted 60 percent of investments from both home and abroad, followed by Mandalay with 30 percent and the rest flowed into other regions and states.

Singapore, China and Thailand are top leading investors in Myanmar.

The new Myanmar Companies Law, which was enforced on Aug. 1, 2018, provides tax exemption and relief to investors depending on the development of the regions and states, allowing investors in far-flung areas to enjoy tax breaks of up to seven years.

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