Hopes of US$11 bn investment by 2030

New Yin Aye, Than Htte Aung
Myanmar Eleven May 20, 2015 1:00 am #block_media{ position:relative; display:block; clear:both; } #tab_photo,#tab_video{ display:inline-block; width:60px; height:auto; padding:3px; position:absolute; top:-25px; left:500px; text-align:center; background-color:#ccc; color:#000; cursor:pointer; z-index:0; } @-moz-document url-prefix() { #tab_photo,#tab_video{ top:-26px; } } #tab_video{ left:564px; } #block_media .tab_media_active{ background-color:#0c3e6f; color:#fff; } #slides_box,.box-vdo-top{ z-index:600; } Directorate of Investment and Company Administration (DICA) director Marlar Myo Nyunt said she was working towards securing US$11 billion in foreign investment by 2030. "The amount of foreign investment in Myanmar in 2014-15 was US$4 billion and we will work towards receiving investment of US$6 billion per annum from 2016 to 2020, from 2021 to 2025 we hope it will be US$8 billion and then US$11 billion until 2030," said Marlar Myo Nyunt.

In the past three fiscal years, FDI into Myanmar has beaten its targets. In fiscal 201213, Myanmar expected to receive $1 billion in FDI but actually attracted $3.42 billion. In fiscal 201314, the targeted amount was $3 billion but the actual amount received was $4.11 billion.

So far the energy sector receives the most foreign investment with natural oil and gas a close second.

The DICA said the production sector came third, in total accumulated investment over several years with a US$12 billion gap from the oil and gas sector.

The top investor is China, followed by Thailand, Singapore, Hong Kong, the United Kingdom, South Korea, Malaysia, Vietnam, the Netherlands and France.

Myanmar is the second-fastest developing nation in Southeast Asia, largely due to development in the construction, production and services sectors.

On the Asean side, he expected to receive more investments from Malaysia and Thailand. The newly opened economy may welcome more Thai investors, as the neighbouring country's outbound investment strategy focuses mainly on Myanmar and the Philippines, he said.

The Asia Development Bank targeted the agricultural, construction, education, health care,transport, electricity and communications sectors as the areas in particularly in need of foreign investment.

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