Malaysians were the top investors in the agricultural sector with investments worth over US$76 million from the 1988-89 fiscal years until at the end of October this year, the Directorate of Investment and Companies Administration (DICA) has said.
Firms from some eight countries invested in the agriculture sector: Malaysia, South Korea, Thailand, Japan, Singapore, France, India and China. South Koreans invested over $67 million, while Thais invested over $22 million, Japanese invested over $20 million, Singaporeans invested over $18 million, French invested over $5 million, while Indians invested over $4 million and Chinese invested over $2 million respectively.
Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC), said foreign investments in agriculture were low because Myanmar has unclear policies in relation to land ownership and the sector also depends on good weather conditions.
“Farming depends on the weather and it is a risk to make investment. [But] we are trying to promote it by amending the law,” he said.
The MIC plans to increase investment in agriculture, as most Myanmar people depend on the sector.
Malaysian firms invested over $287 million in the oil and gas sector, plus over $662 million in production, over $253 million in the transport sector, over $8 million in hotels and tourism, plus about $15 million in real estate, and over $20 million in livestock and fisheries over the same period
Source: Eleven Myanmar
