Singapore and China invested the most in Myanmar as of 31 October this fiscal year, according to the Directorate of Investment and Company Administration (DICA).
Singapore stands at the top of the list with a foreign direct investment (FDI) of US$2,529.803million from April to the end of October this fiscal year, followed by China with an investment of US$457.203million, according to DICA statistics.
The FDI from European countries flowed into Myanmar through Singapore, easily pushing Singapore into the top spot. China extended its numerous businesses in the industrial sector in Myanmar and landed in the second spot. With the lifting of sanctions from America against Myanmar, more FDI is expected to enter Myanmar. However, investment rules has not formulated yet, causing some potential foreign investors to hesitate , a business expert said.
The FDI in Myanmar are are put into the following sectors: oil and gas, power, manufacturing, transport and communication, real estate, mining, hotels and tourism, livestock and fisheries, agriculture, industrial estate, construction and other services. The transport and communications sector has the largest investment value — US$1615.892million as of 31 October, followed by manufacturing and power industries. Meanwhile, the agriculture sector is on the verge of having no foreign investment, according to the statistics of DICA.
The trade deficit as of 25 November in this fiscal year was US$2,165.786million, with an import value of US$ 9,444.352million and export value of US$ 7,278.566million. Over US$3.3billion was in deficit in trade during the fiscal year 2015-2016. The import value as of 25 November in this fiscal year slumped by US$1,274.073million when compared to the similar period of last fiscal year. In the same period, this year’s export value increased by US$4,18.429million.
Source: Global New Light of Myanmar
