Myanmar Investment Commission (MIC) expects on foreign investment to exceed USD 6 billion target until end of this fiscal year

Foreign investment in Myanmar is expected to exceed this year’s target of 6 Billion US dollars as it received 4.01 Billion US dollars until December according to Myanmar Investment Commission.

MIC permitted over 130 foreign investments until December this year, and about 40 investment proposals are in the pipeline, most of them are for manufacturing sector. Meanwhile, MIC says the new government must prioritize improving the legal framework in order to create an investor friendly environment.

Secretary, Myanmar Investment commission, AungNaingOo: Within over 4 years period, We are able to reform Myanmar Investment commission with both government officials and local entrepreneurs. And we’ve done many amendments in legal frameworks to promote the investment sector. As the country received about 4.01 Billion US dollars foreign investment, as 3 months still left, I think we can exceed this year 6 Billion US dollars targets. Until end of March 2016, we will conduct regular meeting and necessary activities to promote investment sector. From my point of view, I think the new government need to prioritize in liberalization of legal framework, as well as regulations in order to attract more foreign investment.   

Currently oil and gas sector topped in the investment list with 27%, while manufacturing stand second with 26% and telecom ranked third with 20%. MIC predicts manufacturing sector will play top at the end of this fiscal year.

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