Investments declined in 2017-18: MIC

Despite an increase in the volume of projects, total investment in value terms fell by around US$900 million in 2017-18 compared to 2016-17, U Thaung Tun, chair of the Myanmar Investment Commission (MIC), said in Parliament last week.

In the 2017-18 fiscal year, Myanmar received $5.7 billion for 222 projects. Around $1 billion of the investments were channeled the ongoing expansion of 82 existing projects. In comparison, the country received $6.6 billion for 135 investments the year before.

Investments from a total of 28 countries were approved in 2017-18 compared to 25 in 2016-17, with China, the Netherlands, Japan, South Korea, the UK and the US among the top investors.

Around a third of the investments were channeled into the industrial sector, while real estate and construction absorbed around 22pc of the funds each.

Myanmar citizens contributed a fair share to total investment volumes, with locals investing a total K3.5 trillion in 119 new businesses during the year, said U Thaung Tun. Around K400 billion was channeled into existing projects.

More than 100,000 jobs were created in the process, he added.


To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.