In an attempt to attract investments, Myanmar has prioritised labour-intensive industries, agro-based industries and other infrastructural projects, according to policies set by the Directorate of Investment and Company Administration (DICA) and the Myanmar Investment Commission.
Myanmar is inviting foreign companies to make investments in labour-intensive industries with the aim of creating more employment opportunities for Myanmar citizens. The government is encouraging local farmers to carry out the extension of arable land and boost crop production. Efforts are being made to increase investments in related sectors such as transportation, farming and grain purification, agricultural equipment manufacturing and finished products manufacturing industries.
Getting international-standard infrastructure is the biggest challenge to the country’s development, the MIC has said. Currently, both the government and private sector are in urgent need of investments in the country’s infrastructure. It is expected that huge investments in infrastructure would contribute a lot to transportation, energy, manufacturing and other industries.
With the aim of creating more lucrative investment areas, DICA has set a policy to calculate new investment opportunities, to seek land and capital investments, to seek the ways to smooth mutually-beneficial cooperation between investors and to prioritise the country’s development.
Agricultural produce, marine products and fishery products, hotels and tourism, power generation, manufacturing, wood-based industry, mining and oil and gas are the sectors with the best prospects for foreign investments.
Up to March 31, total foreign investment in Myanmar reached US$63.718 billion. FDI mainly flows into oil and gas, energy, manufacturing, telecom, mining and hotels and tourism sectors.
Under the 20-year National Comprehensive Development Plan, Myanmar has drafted strategies to help support the massive inflow of FDI at a faster rate. The average inflow of FDI is projected to reach between $6 billion and $8 billion from 2017 to 2020.
Source: Eleven
