FDIs in Myanmar surpass US$651 mln in 2023-24FY

According to the Directorate of Investment and Company Administration (DICA), a total of 63 foreign investments, amounting to US$651.9 million, were recorded in the 2023-24 financial year. The majority of these investments were in the industries and electricity sectors.
China and Thailand were the main contributors to foreign investments, with most investments coming from these countries. In the same financial year, there were 69 Myanmar citizen-owned investments worth K1,287.3 billion, surpassing the anticipated K990 billion.
In the 2022-23 financial year, Myanmar received over $1.64 billion in foreign direct investments, primarily from Singapore, China, and Thailand, as per the statistics. 

Source: The Global New Light of Myanmar

Myanmar seeks foreign investment in oil crop cultivation for self-sufficiency in edible oil

Negotiations are underway to attract foreign agricultural companies to invest in Myanmar by growing oil crops on vacant land, according to U San Lin, Chair of the Myanmar Edible Oil Dealers’ Association. This initiative aims to achieve self-sufficiency in edible oil production.
Despite cultivating marketable oil crops domestically, Myanmar’s production of edible oil remains low due to limitations in grinding and milling technology. As a result, locally grown peanuts are exported as raw produce rather than processed into peanut oil.
To address this challenge, the Myanmar Edible Oil Dealers’ Association is engaging in negotiations with foreign agricultural companies. These companies would be granted permission to cultivate oil crops, such as sunflowers, on vacant and unused land in the country.
“We are negotiating with foreign agricultural companies interested in investing in Myanmar’s agricultural sector,” explained U San Lin. “We have vacant land available, and we will collaborate with relevant authorities to facilitate land acquisition. Once land is secured, these companies will be allowed to establish factories and oil mills nearby to process the crops into edible oil.”
This initiative is crucial as Myanmar’s domestic production of edible oil (approximately 300,000 tonnes annually) falls significantly short of national consumption (around 1,200,000 tonnes annually). Consequently, Myanmar imports nearly 900,000 tonnes of edible oil each year, with over 90 per cent originating from Indonesia and Malaysia. 

Source: The Global New Light of Myanmar

Myanmar investment statistics: Singapore leads, followed by China, Japan

Statistics from the Ministry of Investment and Foreign Economic Relations reveal that Singaporean investments in Myanmar rank highest between February 2023 and January 2024.
The report indicates that China holds the second position in Foreign Direct Investment in Myanmar, with US$236.264 million, following Singapore with US$346.407 million. Japan occupies the third position with US$99.353 million.
From February 2023 to January 2024, 77 businesses were permitted to expand their investments across eight sectors, amounting to US$774.084 million. Of these, US$374.525 million was allocated to the electricity sector, US$189.38 million to the industrial sector, and US$93.276 million to the service sector, as per the report.
During the same period, 74 Myanmar national businesses were given the green light to expand their investments across nine sectors, amounting to K1,295.254 billion. K876 billion was earmarked for the industrial sector, K169.843 billion for the electricity sector, and K117.05 billion for the livestock and fishery sector.

Source: The Global New Light of Myanmar

62 investments logged in Yangon Region in 2023

According to statistics released by the Yangon Region Investment Commission, 62 local and foreign investments were made in Yangon Region in 2023.
Of these, 46 were foreign investments, three were joint ventures, and Myanmar citizens made the remaining 13. Most investments were in the electricity, service, and industrial sectors.
These foreign direct investments (FDIs) created over 32,000 job opportunities and came from countries such as China, Japan, South Korea, Thailand, and others.
The endorsed enterprises covered a wide range of sectors, including the distribution of electricity from solar energy systems, oil production from grinding peanuts and sunflowers, purification and manufacturing of palm oil, dyeing and printing on fabrics and textiles, garment factories using the CMP system, warehousing and logistics services, hotels and tourism services, rice grinding and polishing, manufacturing various types of electric wires, manufacturing of aluminium, tin, and copper for export, exporting high-value rubbers, producing and selling cardboards in the domestic market, manufacturing various types of shoes with cut, make, and package systems, manufacturing and exporting construction materials, packaging and exporting fruits and vegetables with cold storage systems, manufacturing instant noodles, manufacturing value-added rice, grinding and polishing beans and pulses for export, and manufacturing construction-used grinding stones.

Source: The Global New Light of Myanmar

FMI records 68% profit surge, fuelled by financial, healthcare services

HALF-YEAR profit of the First Myanmar Investment Public Co Ltd (FMI Group) up to September 2023
increased more than 68 per cent, and the revenue rose 43.9 per cent compared with the corresponding period last year, the group said on 16 December. FMI earned K229.4 billion and K159.4 billion in this and the previous half of the financial year, respectively, up 43.9 per cent, mainly thanks to financial services (Yoma Bank) and healthcare services (Pun Hlaing Hospital Group). Yoma Bank earned K190.7 billion and K130.4 billion in this and last year’s half-financial year, respectively, a 46.2 per cent increase, mainly due to various bank loans and banking services. Pun Hlaing Hospital Group earned K 38 billion and K 29 billion in this half financial year and last year, respectively, increasing 31.4 per cent, mainly due to medical checkups, emergency treatment, and inpatient and outpatient medical services.

As a result, FMI Group made a gross profit of K90.9 billion, up 68.6 per cent compared with K53.9
billion last year. Memories Group, a travel agency of FMI Group, that has signed management contracts with famous buildings in Yangon, such as Boutique Hotel, Governor Residence and British Club, is expanding its resort services market amid the challenges of declining foreign tourist arrivals and slowing domestic tourism services, it also stated.

Source: The Global New Light of Myanmar

Three invested businesses approved to generate 744 jobs in industrial, agricultural sectors

The Myanmar Investment Commission approved three new investment projects that will create 744 local job opportunities in the industrial and agricultural sectors on 1 December. In the meeting held at the office of the Union Government in Nay Pyi Taw, the Myanmar Investment Commission approved investments amounting to US$0.180 million and more than K300 billion.

Till the end of October 2023, among 52 countries and regions that have invested in Myanmar, the largest investor countries are Singapore, China, and Thailand, respectively. Among 12 kinds of businesses in Myanmar, 28.49 per cent of the total investment flowed into the energy sector. The investments for oil and natural gas sector accounted for 24.44 per cent and the industrial sector, 14.39 per cent, respectively.

Source: The Global New Light of Myanmar

Bago Region attracts substantial foreign investments, approves additional funding for industrial business

IN November 2023, Bago Region received a foreign investment project worth $1.622 million, as stated by
U Ko Ko Latt, the Director of the Bago Region Directorate of Investment and Company Administration.
“Bago Region Investment Committee allowed a foreign investment valued at $1.622 million in November.
Additionally, the committee approved the currently-operating foreign business to add $7 million to its original investment at meeting No. 7/2023,” said U Ko Ko Latt.

Furthermore, regional authorities are eager to invite external investors to invest businesses related to
manufacturing agricultural machinery and equipment, producing fertilizers, and establishing cold storage
facilities to promote the development of multi-functional agriculture and the manufacturing of farming products.

Relevant departments will provide necessary assistance in line with the law. There were $197.117 million worth of foreign investments and K 75,456.275 million in domestic investments in Bago Region between February 2021 and November 2023, consequently generating job opportunities for more than 11,281 labourers.

Source: The Global New Light of Myanmar

Myanmar pockets US$567m in investments over seven months

Myanmar drew foreign direct investments of US$567.38 million in the past seven months (April-October), including expansion of capital by the existing enterprises, as per the statistics released by the Directorate of Investments and Company Administration (DICA).
Myanmar Investment Commission (MIC) greenlit 42 foreign projects from seven countries in the past eight months. Singapore is the top source of FDI so far with $337 million in the power sector. China is placed as the second largest investor in Myanmar with $205.215 million.
The FDI inflow into Myanmar amounted to $1.74 million from the Republic of Korea, $1.087 million from the USA, $14.559 million from Hong Kong (SAR), $0.6 million from India, $1.3 million from the Republic of the Marshall Island and $1 million from Samoa respectively.
The power sector topped the FDI line-ups with $374.525 million by the permitted enterprises this FY, without capital expansion by the existing enterprises.
The manufacturing sector was ranked second with $88.788 million. The agriculture sector drew over $2.5 million. Meanwhile, the transport and communication sector saw the capital expansion of $77.82 million. An increase of capital worth $23 million was pumped into the livestock and fisheries sector as well. The existing enterprises in the service sector also saw a capital increase (US$0.619 million). 

Source: The Global New Light of Myanmar

Over 200 investments enter Rakhine State

Rakhine State Chief Minister U Htein Lin said that there are more than 200 new investment companies with 100 per cent investment by Myanmar nationals and foreigners in Rakhine State.
He said this in a speech related to Rakhine economic development at the opening ceremony of the Rakhine Economic Forum at Khaing Thazin Hall in Sittway Township, Rakhine State.
In Rakhine State, most of the foreign investment sank in the oil and gas sector while the local investment is in the hotel and tourism sector.
In addition to the hotels and tourism industry and oil and gas industry, the future economy of Rakhine State has good opportunities to work in maritime trade and cross-country trade.
The Rakhine State Economic Forum 2023 was held for the first time by the Rakhine State government and it was held for the emergence of young entrepreneurs in Rakhine State.
In the economic forum, the future economic prospects of Rakhine State were discussed and roundtable business conversations were held.
In addition to this, IT-related materials, employment opportunities, educational services, branded clothing, and commercial exhibits were also included at the fair.

Source: The Global New Light of Myanmar

Shan State Investment Committee greenlights 21 new projects with local, foreign investments

Shan State Investment Committee permitted US$22.785 million and K32,220.744 million worth of 21 new Myanmar citizens’ and foreign investments that can create 1,430 local job opportunities in September, according to U Lay Naing, director of the Directorate of Investment and Company Administration (Shan State).
The committee allowed seven foreign investments worth $16.163 million and 14 Myanmar citizen investments worth K32,220.744 million including $6.158 million in the Shan State and they created job opportunities for 1,362 locals and 68 foreigners.
“The Shan State Investment Committee meeting 7/2023 held on 4 October permitted 14 Myanmar citizen investments and seven foreign investments, totalling 21 investment projects. The approved capital amount is $22.758 million and K32,220.744 million. The projects will generate new jobs for 1,362 locals and 68 foreigners,” he said.
Moreover, they allowed the ongoing businesses including the new investments to increase investment amount and workforce in September alone.
The committee also approved the new local and foreign investment projects as per the law and procedures monthly to provide job opportunities in the region. 

Source: The Global New Light of Myanmar