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Myanmar Receives $2 Billion FDI in Five Months
01/05/2019
AUTHOR: ZIN THU TUN
Myanmar received over $2 billion in foreign direct investment (FDI) from October 1, 2018, to April 5, 2019, according to Directorate of Investment and Companies Administration (DICA).
During this six month period, DICA approved 147 new foreign investments worth $1.38 billion. However, existing investments also received new cash flows. When combining that two amounts together is makes for a total of approximately $1.9 billion. However, there is additional cash invested through special economic zones (SEZ) — SEZs are separately administered from the Union government, under Myanmar Special Economic Zone Law — which add more to the total.
"Existing companies in special economic zones (SEZ) expanded their investments by $121 million, which puts the country’s total at over $2.03 billion," said U Than Sin Lwin, acting Director General of Directorate of Investments and Company Administration.
Myanmar as a whole approved 22 proposals last week. Myanmar Investment Commission (MIC) approved 2 investments, Yangon Region Investment Committee approved 15 investments, Bago Region Investment Committee approved 3 investments, Ayeyarwaddy Region Investment Committee approved 1 proposal, and Karen State Investment Committee approved 1 proposal.
20 of the foreign investments are going into the industrial sector, one into the hospitality sector, and one into the service sector and thereby creating the total of 10,168 jobs.
According to the new investment regulations, regional investment committees can approve investment proposals of up to $5 million, however, Myanmar Investment Commission (MIC) is required to approve investment proposals for amounts above $5 million.
The government also approved a number of local investments. From October 1, 2018, to April 5, 2019, Myanmar approved 88 local investments for approximately $303.63 million and K889.96 billion.
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