Foreign companies are in discussion with the Myanmar Investment Commission (MIC) over possible investment in huge electricity projects, according to the Directorate of Investment and Companies Administration (DICA).
“We are in discussion but the details have not been announced yet. The electricity projects are at least US$300 million investments and some are up to US$500 million. They came to the MIC to discuss projects after they have finished discussion with the government,” said San Myint, deputy director general of the DICA.
There has been more than US$2 billion in foreign investment since April: much more than last year.
“Foreign investment last year was under US$1 billion. There is a possibility of mega electric projects this year and we will reach our target if those projects are implemented,” he said.
“Foreign investment in the first six months of the last fiscal year was about US$3 billion and it was US$3-4 billion in the third quarter of the last fiscal year. And then the arrival of a Vietnamese telecoms company meant we reached our target,” he said.
There was no foreign investment in the oil and natural gas sector in 2016-17. Most foreign investment is in manufacturing which can offer many job opportunities.
Myanmar allowed 66 foreign investments worth over US$1.85 billion between April and mid-June, with foreign investment over US$1.96 billion, including additional investment, according to the DICA.
More than US$127 million of foreign investment is allowed at Thilawa Special Economic Zone this fiscal year and over US$2.1 billion of foreign investment has arrived, according to the MIC.
Source: Eleven Myanmar
