Myanmar is attracting more foreign investments in three sectors: hotels and tourism, industry and housing development in 2017- 2018 fiscal years

More foreign investments entered industry, hotel and tourism and housing development sectors in 2017-18 FY and due to insufficient electricity supply, expensive transportation costs, rare skilled workers and difficulties obtaining land for long term investment are setbacks to attracting more foreign investments, according to Investment Report of 2017-18 FY released by Myanmar Investment Commission (MIC).

The report said more foreign investments entered Myanmar as it set priority sector for foreign investment, announced instructions to facilitate investment in line with the time and negotiated between government departments for the investment.

Investments from China, Hong Kong, South Korea, Japan and Asean countries such as Singapore, Thailand, Vietnam and Malaysia are mainly made. Establishment of new investment is slower in this year due to the United States and China tension in business sector. Asean countries including Myanmar are facing the difficulties, it said.

The report said Myanmar earned US$4.43 billion worth investments from 28 countries which included US$1.29 billion from Singapore, US$791 million from the United States, US$418 million from Thailand, US$302 million from China and US$677 million from the United Kingdom.

It also said that the industrial sector received US$711 million worth of investment in Thilawa SEZ from November in 2014-15 FY to 2016-17 FY and US$328 million worth of investment in 2017-18 FY. In housing development sector, it received US$22 million worth of investment from November in 2014-15 FY to 2016-17 FY and US$8 million worth of investment in 2017-18 FY. In hotel and tourism sector, it received US$12 million worth of investment from November in 2014-15 FY to 2016-17 FY and it didn’t receive any investment in 2017-18 FY.

(Eleven Media Group: https://elevenmyanmar.com/news/more-foreign-investments-boost-three-sectors-in-2017-18-fy )

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