Myanmar attracts over US$2bil foreign investment in first half of fiscal year

The Yangon region attracts 60 per cent of investments from both home and abroad. - AFP

YANGON (Xinhua): Investment capital of over US$2.73 billion from permitted foreign enterprises have entered Myanmar in first half of fiscal year FY 2019-2020 which stated in October, according to figures issued by the Directorate of Investment and Company Administration (DICA) on Thursday.

The Myanmar Investment Commission (MIC) gave the go-ahead to 147 foreign investment enterprises from Oct 1,2019 to March 31 of this FY.

During the period, power sector attracted most investment capital with over US1 billion, followed by real estate and manufacturing sectors.

From FY 1988-89 to FY 2019-20, the MIC gave the nod to 1,984 foreign enterprises, with investment capital of over US$84.5 billion.

Oil and gas sector took 26.94 per cent of the foreign investment, followed by power sector with 26.26 per cent and manufacturing with 14.18 percent, respectively.

Singapore, China and Thailand are top leading investors to Myanmar.

Regionally, the Yangon region attracts 60 per cent of investments from both home and abroad, followed by Mandalay region with 30 per cent and the rest flowed into other regions and states.

The new Myanmar Companies Law, which was enforced in August 2018, provides tax exemption and relief to investors depending on the development of the regions and states, allowing investors in far-flung areas to enjoy tax breaks of up to seven years. - Xinhua

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