FDI in Myanmar tops 4 bln USD in first half of FY 2017-18

By：Xinhua Net Update：2017-09-30

YANGON, Sept. 30 (Xinhua) -- Foreign Direct Investment (FDI) in Myanmar totaled over 4.3 billion U.S. dollars in first half of Fiscal Year 2017-2018, increasing by 3 billion dollars compared to the same period of Fiscal Year 2016-2017, the official Global New Light of Myanmar reported Saturday.

FDI usually enters into the country's agricultural, livestock and fisheries, manufacturing, power, transport and communication, hotel and tourism and real estate sectors.

Meanwhile, nine foreign enterprises with 403 million dollars to create 3,200 job opportunities have been recently permitted by the Myanmar Investment Commission (MIC).

The MIC mainly grants permits for investment in 10 prioritized sectors - agriculture, livestock production, breeding and production of fishery products, export promotion industries, import substitution industries, power sector, logistics industries, education, health, construction of affordable housing and establishment of industrial estates.

In FY 2016-2017, the country attracted over 6.8 billion dollars foreign investment with the transport and communication sector topping with 3.08 billion dollars.

In accordance with the Foreign Direct Investment Promotion Plan (FDIPP), the country is expecting about 6 billion dollars of FDI in FY 2017-2018, aiming to reduce poverty and to promote economic development in the country.