Fourteen Singapore-listed enterprises pumped in foreign investments of US$1.154 billion into Myanmar in the past seven months (April-Oct) 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. Hong Kong SAR stood as the second largest investors this FY with an estimated capital over $163 million by 11 enterprises and the existing ones.
China is ranked third in the investment line-up with more than $90 million from 22 businesses and the existing ones. One enterprise each from Belize, China (Taipei), the Republic of Korea and Japan also made investments in the past seven months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India, Bangladesh and Seychelles also increased the investments. Myanmar attracted foreign direct investments of $1.45 billion from 52 enterprises during April-October period. Majority of the investments brought into the manufacturing sector. Agriculture sector drew $3.5 million from two projects.
Power sector received $817 million from 10 projects, while one enterprise put $29 million in the real estate sector and two other foreign enterprises made an investment of $413.068 million in the service sector respectively. The mining sector earned $7 million from one project, while one enterprise also put investments of less than a million into the hotels and tourism sector and some capital expansion of the existing businesses are also seen. Additionally, the livestock and fisheries sector saw a capital expansion of $1.545 million.
Myanmar has drawn 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 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 a top investor Japan.
Source: The Global New Light of Myanmar