Myanmar inches closer to foreign investment target in Q3 of FY 2019-20

0 Comment(s)Print E-mail Xinhua, June 27, 2020
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YANGON, June 27 (Xinhua) -- Myanmar has attracted over 4.4 billion U.S. dollars of foreign investments as of third quarter of this fiscal year (FY) 2019-2020 and is expected to reach its target, state-run media reported on Saturday.

Myanmar set its target of foreign direct investments (FDI) to 5.8 billion U.S. dollars in present FY 2019-2020 which lasts from October, 2019 to September 2020.

"We only need 1.4 billion U.S. dollars to meet our target. We need to make sure to follow our guidelines such as less economic impact by the COVID-19 pandemic, encouragement through COVID-19 Economic Relief Plan, giving priority to creating job opportunities and paying attention by the government over the recovery of the economic impact by the pandemic," Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA) was quoted as saying.

During the COVID-19 period, some existing investment businesses have increased capital amount of investment while new investments are flowing into the country, he said.

During the first nine months of this FY, power sector attracted most foreign investments, accounting for 25 percent of total inward investments.

The Myanmar Investment Commission (MIC) has been giving the go-ahead to the investment enterprises which have no impact the environmental conservation as well as those which will manufacture masks, pharmaceuticals and others. Enditem

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