Myanmar’s investment target could be met in the current financial year1 Jun 2020
Although US$2.4 billion is still required to meet Myanmar’s investment target for the current fiscal year, nearly US$1.3 billion in new investment under scrutiny and more to come in the remaining period may meet the target, said Than Sin Lwin, Director-General of the Directorate of Investment and Company Administration.
He made the remark during a press conference on the activities of the Ministry of Investment and Foreign Economic Relations in the fourth year of the government’s term.
The amount of investment target for the current 2019-2020 fiscal year is US$5.8 billion. So far, US$3.4 billion in investment has been approved.
“A new investment of nearly US$1.3 billion is under scrutiny. If we add more investment to come in the remaining period of the fiscal year, we can meet our target,” said Thant Sin Lwin.
China had been the largest investor over the past three years. But this year, the largest investor is Singapore, followed by China, Thailand, Hong Kong, and Britain.
Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations, said the investment from the US and European countries could not be much expected due to Myanmar’s political situation. However, Asian economic powers such as Japan, China, and Korea will continue and increase their investment.
“The investment from Japan, China, and Korea will continue to improve. Korea’s policy is that the government encourages its citizens to invest in Asian and ASEAN countries. Under bilateral cooperation, Korea is establishing industrial zones in Myanmar,” Aung Naing Oo said.
(Eleven Media Group: https://elevenmyanmar.com/news/investment-target-could-be-met-dica-dg )