The government needs to monitor whether foreign investors are using their money or not as foreign currency has yet to inflow into local banks, Khin Maung Aye, chair of Myanmar Bank Association.
“Foreign investors are bringing their investment into the country at a time when the Myanmar Investment Commission is giving the green-light to foreign investments,” added Khin Maung Aye, who is also chair of Cooperatives Bank Ltd.
From April to October of this fiscal year, the inflow of foreign investments exceeded US$ 3.2 billion. Singapore has led the foreign investors list with the investment of over US$ two billion, followed by China with US$ 457.203 million and Thailand with over US$ 106 million, according to the Directorate of Investment and Company Administration.
The country’s total foreign investments are expected to reach US$ six billion in 2016-2017 FY. As of the end of October, the total foreign investments amounted to US$ 3.2 billion, said Aung Naing Oo, secretary of the MIC.
Since the Myanmar Investment Law which combines into one document the application process of foreign and local investments has not come into effect, the MIC will process the applications submitted by foreign and local investors in accordance with the Foreign Investment Law and the Myanmar Citizens Investment Law, respectively, until the end of December.
In 2014-2015 FY, the total foreign investments reached US$ eight billion even though US$ four billion was expected. In 2015-2016 FY, the total foreign investments amounted to over US$ nine billion even though it was set to reach US$ six billion.
Source: Eleven Myanmar
