Around 70 proposed foreign investment projects worth about US$ 3.4 billion have been submitted to the Myanmar Investment Commission (MIC), just two and a half months before the end of fiscal year 2016-17, says Aung Naing Oo, secretary of the MIC.
As of January of this the fiscal year, Myanmar has received foreign investment projects worth about $4.5 billion and the number of foreign investments is expected to exceed the projected amount, according to the Directorate of Investment and Company Administration.
“The projected amount is about $6 billion. We have already received investments worth about $4.5 billion. It’s nearly three months before the end of this fiscal year. And we received foreign investment projects proposals worth about $3.4 billion. When combined, they will be more than $6 billion,” said Aung Naing Oo.
He added that foreign investments made in November and December last year were very strong.
Between April and mid-December, the MIC granted permits to 78 investments worth $2.1 billion. Total investment, including investment promotion, has reached $3.4 billion.
Source: Eleven Myanmar
