Out of 93 investment businesses, the transportation and communication enterprises have received the largest investments as of the end of October in this fiscal year, it is learnt from the Directorate of Investment and Company Administration (DICA).
The transportation and communication sector is placed at the top with an investment of US$1,014.48million, followed by the electricity sector with an investment of US$605.672million. The livestock and fisheries sector is seen to have the lowest investments of US$9.54million, it is learnt.
Singapore has made the largest investments in the transportation and communication sectors, whereas China invests in the electricity sector. Investments for the agriculture sector are only on the table yet, said U Than Aung Kyaw, the deputy director from the DICA.
The investment businesses are given priority to effectuate the development in regions and states. A proposal to set the investment zone is submitted to the region and state government. The domestic gold price is supposed to reach Ks900,000 per tickle due to global price of gold and the dollar, the goldsmiths said. The local gold price is positively related to the dollar price and world gold’s price. Although the world gold’s price is currently stable, the local gold price has risen in keeping with an increase in dollar exchange rate. As a result of this, the gold market is not seen well. The exchange rate Tax exemptions are also allowed in a limited period depending on the investment areas.
In the agriculture and livestock sector, foreign direct investments (FDI) are allowed only for joint ventures with local businessmen, it is learnt.
The relaxation is required to persuade investors to put money in agriculture and livestock businesses. No grant for land ownership in Myanmar resulted in virtually no FDI in this sector, said Daw Toe Nanda Tin, the vice chairman of Myanmar Fish Federation (MFF).
The investments are approved only after scrutiny of the investment proposals and regularly issuing notifications about sector-specific developments, creating job opportunities, state revenue, domestic and foreign market, local food consumption, technology sharing, innovation, environmental assessment and liability, it is learnt.
There are 63 foreign investment businesses from April to October in 2016, with FDI of US$2,043.289million and 29 local investment businesses with US$155.895million.
Source: The Global New Light of Myanmar
