Myanmar to lure investments in healthcare, agri and industry

Myanmar will focus on drawing investments into healthcare, agriculture, livestock and fisheries and industrial zones in the wake of COVID-19, said U Thant Zin Lwin, Director General of the Directorate of Investment and Company Administration.

“We will prioritise attracting investors in these three sectors after experiencing COVID-19 this year. In healthcare for example, businesses that are able to produce face masks, personal protective equipment and hand gel will be given priority for approval. We also need to invest in developing our farming, meat and fisheries industries to boost food security,” he said.

U Thant Zin Lwin added that foreign direct investments (FDI) in the fisheries and agriculture sector comprises less than 1pc and 0.5pc of total FDI in Myanmar, respectively.

He added that investments in industrial zones will create jobs for the locals and help eliminate the social costs and ills of unemployment. “It will also introduce new investments in digital technologies,” he said.

FDI totaled $4.4 billion up until June 23 in the current fiscal year, falling short of the $5.8 billion targeted by the Myanmar Investment Commission (MIC). The country approved $4.1 billion in foreign investments during the previous fiscal year.

Nevertheless, a total of 189 businesses were permitted to operate in Myanmar, resulting in 8700 new jobs created. This includes the 14 businesses permitted to set up shop or expand in the country last week, drawing in close to $200 million in foreign capital and creating more than 2500 jobs.

So far, investors from Singapore, China and Thailand have channeled the most capital into Myanmar. To-date, a total of 51 countries have invested in 12 sectors – 26.6pc in electricity, 26pc in oil and gas and 14pc in manufacturing.

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Source : Myanmar Times

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