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Myanmar attracts over US$4bil foreign investment in 8 months of current FY

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YANGON (Xinhua): Investment capital of over US$4.10 billion from permitted foreign enterprises have entered Myanmar in eight months of present fiscal year (FY) 2019-2020 stating in October, according to figures issued by the Directorate of Investment and Company Administration (DICA) on Monday (June 15).

The Myanmar Investment Commission gave the go-ahead to 178 foreign investment enterprises from Oct. 1, 2019 to May 31 of this FY.

During the period, power sector attracted most investment capital with over US$1.67 billion, followed by real estate and manufacturing sectors. From FY 1988-89 to FY 2019-20, the MIC gave the nod to 2,015 foreign enterprises, with investment capital of over US$85.9 billion. Power sector took 26.60 percent of foreign investment, followed by oil and gas sector with 26.51 per cent and manufacturing with 14.11 per cent, respectively.Regionally, the Yangon region attracts 60 per cent of investment from both home and abroad, followed by Mandalay region with 30 per cent 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. - Xinhua/Asian News Network

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