Government calls off four state and regional investment forums due to the COVID – 19

Four state and regional investment forums have been cancelled due to COVID-19.

“We postponed the investment forums to be held in Yangon, Bago, Monywa of Sagaing and Mandalay,” said U Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations.

The investment forums serve as a platform for investors to explore opportunities to work with local businesses, beyond Yangon. As a result of the cancellations, investments could decline by as much as 40 percent, U Aung Naing Oo said.

The Myanmar Investment Commission (MIC) on April 3 approved more than US$550 million in foreign direct investment for 11 projects and another K50 billion in local investments on April 3, even as the COVID-19 outbreak continues to develop in the country.

The approved amount of US$555.23 million and K51.04 billion is being directed to sectors including manufacturing, construction and services, in addition to the expansion of 13 existing businesses.

After the projects the investments intended for are operational, a projected total of 3234 jobs will be created the MIC said in its statement.

As of the end of March, Singapore, China and Thailand topped the list of foreign investors in Myanmar. 

According to the MIC’s data, a total of 51 countries have invested in 12 economic sectors in Myanmar, with oil and gas drawing the most investment at 26.9pc, followed by power generation and manufacturing. – Translated

(The Myanmar Times: https://www.mmtimes.com/news/govt-calls-investment-forums-approves-us550-million-fdi-march.html )

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