Over 30 years, the inflow of foreign investments into the production sector has exceeded 11.5 billion US dollars. Myanmar has reformed its policies in order to attract more new foreign investments, according to the Ministry of Investments and Foreign Economic Relations.
In the first three-quarter of 2019, the FDI at the transport and communication sector reached one billion US dollars, a four-fold increase, said Thaung Tun, Union Minister for Investments and Foreign Economic Relations and Chair of Myanmar Investment Commission.
The FDI at the production sector reached 700 million US dollars, a 60-per-cent increase. The government can create more employment opportunities through the massive inflows of FDI into all investment sectors.
The Ministry of Investments and Foreign Economic Relations was established with the aim of bringing about qualified, accountable and sustainable economic development through improved cooperation with international communities, fulfilling the needs of the public to the best and helping promoting the government’s capacity through local and foreign investments and the full access to development funds.
“The ministry made policy reforms over the past nine years in order to encourage the inflow of investments into infrastructure, services, transport and production sectors. As local and foreign investors are becoming interested in local businesses, the economic development is projected to reach 6.8 per cent in 2020. Thanks to it, Myanmar’s economy will be on the upward trend, said Union Minister Thaung Tun, at Myanmar-Japan-US Investment Forum.
The FDI inflow is expected to exceed 220 billion US dollars and more responsible investments are expected to inflow into the country.
The major sectors with the massive inflows of FDI are: oil and gas sector, energy, production, transport and communications, real estate, hotel and tourism, mining, livestock and fishery, agriculture, industrial zone, construction and other services sectors.
Oil and gas sector tops the list of FDI with over 27 per cent, followed by energy sector with over 25 per cent and production sector with over 14 per cent.