Myanmar attracts US$3.5 billion in FDI in 10 months

A total 224 foreign enterprises were permitted by the Myanmar Investment Commission (MIC) to invest more than US$3.5 billion in the country in the first 10 months of the fiscal year 2018 – 2019, said the Directorate of Investment and Company Administration (DICA) on August 26.

Myanmar attracts $3.5 billion in FDI in 10 months. (Photo: Reuters)

Myanmar attracts $3.5 billion in FDI in 10 months. (Photo: Reuters)

From October 2018 to July 31 this year, the transport and communication sector attracted the most foreign direct investment (FDI) at more than $1.5 billion, followed by the manufacturing sector with some $1.14 billion, China’s Xinhua News Agency reported.

Foreign investment also flowed into the country's agriculture, livestock and fisheries, power, oil and gas, hotel and tourism, real estate, industrial estate and other services sectors.

During the period, Myanmar's mining and construction sector did not see any foreign investment, according to the DICA's figures.

From the 1988-1989 fiscal year to July 31 of the 2018-2019 fiscal year, a total of 1,779 enterprises have been licensed to invest more than $81.2 billion in Myanmar.

During the period, the country's oil and gas, power and manufacturing sectors were the top-three sectors with the most foreign investment.

Yangon region attracted 60 percent of investment from both home and abroad, followed by Mandalay with 30 percent.

Myanmar welcomed more than 3.55 million foreign tourists last year with China accounting for the largest number, followed by Thailand. Myanmar authorities are striving to lure more foreign travellers to the country in the coming years, targeting to welcome some 7 million in 2020.

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