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 BUSINESS NEWS
Updated on June 14, 2018 From The Global New Light of Myanmar

Manufacturing sector brings in over US $100 million in May

THE manufacturing sector absorbed foreign direct investments (FDIs) worth some US$103 million through 11 projects last month, according to statistics provided by the Myanmar Investment Commission (MIC).
        The agriculture sector attracted one foreign investment with a capital of $5.6 million. The real estate sector also received investments worth some $2.8 million. Some $26.27 million FDIs were pumped into other services. The MIC gave the green light to 15 foreign enterprises to invest in those sectors. Last month’s foreign investment was approximately $149 million, including capital increase.
        China, Hong Kong, India, Japan, South Korea, Singapore, Viet Nam and the United Kingdom made investments in May.
        The MIC intends to attract foreign direct investments worth $3 billion during the six-month interim period from April to September, prior to the next 2018- 2019 fiscal year. The manufacturing and real estate development sectors are likely to remain top in attracting FDIs during the six-month interim period.
        According to the new Myanmar Investment Law, region and state investment committees are authorised to grant endorsement of an investment proposal with capital of not more than $5 million (Ks6,000 million), with an aim to facilitate the verification process of investment projects.

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