Myanmar attracts over US$ 5 billion foreign investment in 11 months of fiscal year

Myanmar attracts over US$ 5 billion foreign investment in 11 months of fiscal year

YANGON: Myanmar has attracted foreign investment of over US$5 billion in 11 months of current 2019-20 fiscal year (FY) which will end in September, reported Xinhua news agency based on figures issued by the Directorate of Investment and Company Administration (DICA) on Monday.

From Oct. 1, 2019, to Aug. 31 this year, the Myanmar Investment Commission (MIC) gave the go-ahead to 228 foreign investment enterprises.

During the period, the power sector attracted most investment capital with over US$1.67 billion, followed by manufacturing and real estate.

From 1988-89 FY to 2019-20 FY, Myanmar earned investment capital of over US$86.8 billion from the permitted foreign enterprises.

Singapore, China and Thailand are top investors to Myanmar.

Regionally, the Yangon region attracts 60 per cent of investments from both home and abroad, followed by Mandalay region with 30 per cent, and the rest flowed into other regions and states.

The new Myanmar Companies Law, which was enforced in August 2018, provides tax exemption and relief to investors, allowing investors in far-flung areas to enjoy tax breaks of up to seven years.

–BERNAMA