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Myanmar sees large number of investment proposals

Xinhua, May 30, 2016 Adjust font size:

A total of 98 proposals for investment are awaiting to be permitted by Myanmar Investment Commission (MIC), U San Myint, Deputy Director General of the Directorate of Investment and Company Administration (DICA), told Xinhua Monday.

As MIC is to be reformed under the new government, the 50 local and 48 foreign investors have to wait for the new commission to allow for their proposals.

"We are trying to form the new nine-member MIC within two months which will be led by Union Ministers," said U San Myint.

Most of the proposed investments deal with garment manufacturing, mostly CMP (cut, make, pack) and fishery products manufacturing so far. Moreover, one Singapore company has also proposed investment for producing solar power in Mandalay, the second largest city of Myanmar.

The investors for those proposed investments are mostly from China, with China's Hong Kong and Singapore following.

A new investment law is expected to be approved by the parliament soon.

The country drew 9.5 billion U.S. dollars' foreign investment in the last fiscal year of 2015-2016, while targeting 8 billion U.S. dollars in the present fiscal year of 2016-2017.

According to official statistics, foreign investment in Myanmar totaled 63.718 billion U.S. dollars as of the end of March 2016 since late 1988.

China topped the foreign investors line-up with 18.072 billion U.S. dollars, accounting for 28.36 percent of the total, followed by Singapore with 13.066 billion U.S. dollars, Thailand with 10.5 billion U.S. dollars.

Most investments have been injected in oil and gas and power sectors of the country and more investments are being invited to manufacturing, infrastructure and high technology industry rather than the sectors depending on natural resources to develop the economy, according to local experts. Enditem