ASEAN KEY DESTINATIONS
Myanmar sees US$3.8 billion in FDI in first 8 months of 2014 fiscal year
Foreign direct investment in Myanmar stands at US$3.8 billion [K3,800 billion] for the first eight months of the 2014-15 fiscal year provided by 108 companies from 19 countries, according to the Directorate of Investment and Companies Administration.
Singapore topped the list of countries, followed by companies from Hong Kong, according to a recent announcement by DICA.
Twenty-eight Singaporean companies invested a total of more than $2.148 billion in the first eight months of the 2014-2015 fiscal year. Myanmar’s fiscal year runs April to March. Singapore investments in Myanmar account for about one-third of the total foreign investments in Myanmar.
U Aung Naing Oo, director general of DICA, said that the reason the amount of Singapore investment in Myanmar is large is partly because the United States and some European countries have invested in Myanmar indirectly through Singapore.
“Most of the US investments have indirectly entered into Myanmar through Singapore. The investments of some other countries entered into Myanmar indirectly through Singapore, too. That’s why the amount of Singapore’s investments in Myanmar is huge. It is partly because there are still some US economic sanctions,” he told media on December 2.
During the first eight months of the 2014-2015 fiscal year from April 1 to November 30 this year, 94 manufacturing firms invested a total of more than $1.101 billion, the sector topping the list. A total of 17 oil and gas firms invested more than $800 million.
Five foreign firms invested $354 million in the hotel sector, five foreign real estate firms invested $623 million, an electrical firm invested $40 million and other foreign firms invested $172 million in another eight sectors.
China stands as the third largest investor in Myanmar, with 18 firms investing US$228 million. South Korea is fourth with firms investing US$128 million.
The list of the countries includes Singapore, Hong Kong, China, South Korea, Thailand, UK, Malaysia, Netherlands, India, Japan, Canada, Malaysia, Philippines, UAE, Luxemburg, Brunei, Germany, Norway, Samoa and Sri Lanka.
Since 1988, a total of 828 companies from 32 countries have invested US$50.608 billion in Myanmar, according to DICA.
According to a recent Reuters report, Myanmar’s total FDI stood at $4.11 billion during the fiscal year 2013-14, up sharply from $1.42 billion a year earlier.
This compares with $329.6 million in 2009-2010, the year before President U Thein Sein’s government took office and embarked on reforms.--mizzima
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