Ten Singapore-headquartered enterprises pumped foreign direct investments of US$1.089 billion into Myanmar in the past five months (April-August) of the current financial year 2022-2023, the Directorate of Investment and Company Administration’s statistics showed. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors. Also, Qatari telecommunication company Ooredoo has signed an agreement to sell its Myanmar unit to a Singapore-based firm.
Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $70.239 million drawn by seven projects. China is ranked third in the investment line-up with more than $56.7 million from 15 projects. One enterprise each from Brazil, Japan and China (Taipei) also made investments in the past four months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India and Thailand also increased investments.
Myanmar Investment Commission gave green light to 35 foreign projects, with an estimated capital of $1.23 billion during the April-August period, DICA’s statistics indicated. Those enterprises are to execute in agriculture, manufacturing, power, real estate and service sectors respectively. Myanmar has attracted foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022), according to the statistics released by the DICA.
Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of $1.85 billion in the FY2019-2020, $2.4 billion in the FY2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018FY, $3.8 billion in the 2016-2017FY, $4.25 billion in the 2015-2016FY, $4.29 billion in the 2014-2015FY, $2.3 billion in the 2013-2014FY and $418 million in the 2012-2013FY respectively. Additionally, Singapore emerged as the second-largest foreign investor in the Thilawa Special Economic Zone after a top investor, Japan.
Source: The Global New Light of Myanmar