Myanmar Investment Promotion Plan (2021-2022), which aims to draw USD 8.5bln investment, has to be re-evaluated due to COVID-19

According to the Myanmar Investment Promotion Plan, foreign investment is expected to reach $ 8.5 billion from the 2021-2022 fiscal year, but due to the COVID-19 outbreak, those targets will be reconsidered, according to the Directorate of Investment and Company Administration. Starting from the 2021-2022 financial year, they have set a target of $ 8.5 billion. This is also being prepared for consideration by the Myanmar Investment Promotion and Facilitation Committee, which is mentioned above, in advance of the coming 2021-2022 financial year.

Due to COVID-19, some businesses were allowed to enter due to traffic restrictions, but were not allowed to do so, which reduced Myanmar’s foreign investment target for the 2019-2020 fiscal year. In the 2019-2020 fiscal year, foreign investment in Burma was projected at $ 5.8 billion, but only $ 5.68 billion came in. However, in the context of COVID-19, investors have limited access; There are also restrictions on what can be done after the visit. Similarly, Rangoon and Nay Pyi Taw, most of which have government offices in Naypyidaw, are difficult to access due to traffic congestion.

In the 2018-2019 fiscal year, $ 4.52 billion in foreign investment flowed into Myanmar. Myanmar is implementing a 20-year Myanmar Investment Promotion Plan aimed at becoming a middle-income country by 2030. It also aims to attract more than $ 220 billion in investment in Myanmar over the next 20 years and attract more responsible investment. Aiming to increase foreign investment in Myanmar, the Myanmar Investment Commission, in collaboration with the Japan International Cooperation Agency, drafted a long-term foreign direct investment promotion plan in 2013 and implemented it in 2014.

Source: Daily Eleven

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