According to a report by Myanmar’s Directorate of Investment and Company Administration (DICA), the country has gained $5.52 billion USD in new investments, even with the threat of the global Covid-19 pandemic.
DICA says that in the previous fiscal year of October 1, 2019 to September 30, 2020 245 foreign investment enterprises were approved. In terms of these investments, the energy sector gained $1.67 billion USD in new foreign investment capital, while the manufacturing sector gained $1.12 billion USD and the real estate sector received $1.11 billion USD in new investments.
Myanmar government authorities were pleased with the results but noted that they had a target of $5.8 billion USD in investments, so they were a bit unhappy that they hadn’t been able to reach their goal. When looking at the new fiscal year of October 1, 2020 to September 30, 2021, DICA officials said that they plan to target the goal of $5.8 billion USD in new foreign investment capital.
According to DICA, Yangon attracted 60% of foreign and local investments in the 2019/2020 period, followed by Mandalay with 30%, and the remaining 10% going into other regions and states. Myanmar’s largest investors are China, Singapore and Thailand and DICA is hoping that investment in the new 2020/21 period can be diversified and they hope to see companies from Australia, New Zealand, Europe and Southeast Asia investing in the country.