Following Japan moving up a rank with the largest investments, Singapore became the second-largest source of foreign direct investments into Myanmar in the past seven months (Oct-Apr) of the current financial year 2020-2021,
according to data released by the Directorate of Investment and Company Administration (DICA). Japan is the top investor in Myanmar in the past seven months, bringing in estimated capital of $518.76 million with three projects. Meanwhile, the 13 Singapore-listed enterprises brought in US$388.327 million into Myanmar. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.
China stood as the third largest investors this FY with an estimated capital of $166.75 million in Myanmar, the DICA’s statistics indicated. Those enterprises listed from Thailand, India, Japan, Malaysia, Republic of Korea, UK, Viet Nam, Marshall Island, South Africa, Samoa, China, Hong Kong (SAR) and China (Taipei) also made investments this year. Of 42 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October 2020 and 30 April 2021 of the current FY, 21 enterprises pumped FDI into the manufacturing sector. The electricity sector received seven projects and the livestock and fisheries sector attracted five projects.
Other service sectors drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotels and tourism sectors. MIC intends to reach FDI target of $5.8 billion for the current FY2020-2021. Singapore stood as the largest foreign investor in Myanmar, 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