Singapore is the top source of foreign direct investments into Myanmar in the first quarter of the current financial year 2020-2021, according to the data released by the Directorate of Investment and Company Administration (DICA).
The six Singapore-listed enterprises brought in US$161 million into Myanmar between October and December 2020. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.
China stood as the second-largest investors this FY with an estimated capital of $133.53 million from eight enterprises, followed by Thailand investing $24 million in Myanmar.
Those enterprises listed from Hong Kong (SAR), India, Japan, Malaysia, Republic of Korea, UK, Viet Nam, Marshall Island and China (Taipei) also made investments in the Q1.
Myanmar has attracted foreign direct investments of more than US$348.8 million in Oct-Dec of current FY, including the expansion of capital by existing enterprises and investments in the Special Economic Zones, DICA’s statistics indicated.
Of 23 foreign enterprises permitted and endorsed by Myanmar Investment Commission and the respective investment committees between 1 October and 31 December of current FY, 13 enterprises pumped FDI into the manufacturing sector. Livestock and Fisheries sector attracted three projects while agriculture, power and other service sector pulled two projects each and one foreign enterprise entered the hotel and tourism sector.
MIC intends to reach the FDI target of $5.8 billion for the current FY2020-2021.
Singapore has stood as the largest foreign investor in Myanmar since 2012, pulling in the FDI of $1.85 billion in the FY2019-2020, $2.4 billion in the FY2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018FY, $3.8 billion in the 2016-2017FY, $4.25 billion in the2015-2016FY, $4.29 billion in the 2014-2015FY, $2.3 billion in the 2013-2014FY and $418 million in the 2012-2013FY respectively. Additionally, Singapore emerged as the second-largest foreign investor in the Thilawa Special Economic Zone, after top investor Japan.
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Source : The Global New Light Of Myanmar
