Myanmar attracts over $428 mln of FDI from Singapore this FY

Thirteen Singapore-listed enterprises brought in US$428 million into Myanmar between October 2020 and June 2021, according to the data released by the Directorate of Investment and Company Administration (DICA). The UK-listed enterprise brought in large investments of $2.5 million in May 2021 and became the top source of FDI in Myanmar. Singapore is placed as the second largest investor in Myanmar. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.

Those enterprises listed from Brunei, China, Thailand, India, Malaysia, Republic of Korea, Viet Nam, Marshall Island, Samoa, Hong Kong (SAR) and China (Taipei) also made investments this year. Myanmar has drawn foreign direct investment of more than US$3.76 billion during Oct-Jun period, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, DICA’s statistics indicated. Of 44 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 30 June of the current FY, 23 enterprises pumped FDI into the manufacturing sector. Power sector received six large project and livestock and fisheries sector attracted six projects.

Other service sector drew five projects while agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors. MIC intends to reach FDI target of $5.8 billion for the current FY 2020-2021. Singapore has stood as the largest foreign investor in Myanmar since 2012, pulling in the FDI of $1.85 billion in the FY 2019-2020, $2.4 billion in the FY 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the 2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively. Additionally, Singapore emerged as the second largest foreign investor in the Thilawa Special Economic Zone, after top investor Japan.

Source: The Global New Light of Myanmar

Tags: No tags

Leave A Comment

Your email address will not be published. Required fields are marked *