BUSINESS Over 2 bln USD foreign investments enter Myanmar in 5 months

BUSINESS

Over 2 bln USD foreign investments enter Myanmar in 5 months

Xinhua

16:21, March 21, 2020

YANGON, March 21 (Xinhua) -- Investment capital of over 2.63 billion U.S. dollars have entered Myanmar in the first five months of the present fiscal year (FY) 2019-2020 which started in October, according to figures released by the Directorate of Investment and Company Administration (DICA) on Saturday.

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File photo: CGTN

From Oct. 1, 2019 to Feb. 29 2020, the Myanmar Investment Commission (MIC) gave the go-ahead to 132 foreign investment enterprises.

During the period, the power sector attracted most investment capital with over 1 billion U.S. dollars, followed by the real estate and the manufacturing sectors.

From FY 1988-89 to FY 2019-20, the MIC gave the nod to 1,969 foreign enterprises, with investment capital of over 84.4 billion U.S. dollars.

The oil and gas sector took 26.97 percent of the foreign investment, followed by the power sector with 26.29 percent and manufacturing with 14.14 percent, respectively.

Singapore, China and Thailand are top investors to Myanmar.

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

The new Myanmar Companies Law, which was enforced in August 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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