Myanmar pockets US$190 mln from FDIs in manufacturing sector as of Dec

 

 

A total of 44 foreign enterprises pumped US$187.426 million into Myanmar’s manufacturing sector in the past nine months (April-December) of the current financial year 2022-2023, includ­ing capital expansion by the existing enterprises, as per the statistics released by the Direc­torate of Investment and Compa­ny Administration (DICA).

Myanmar attracted foreign direct investments of $1.462 bil­lion from 59 enterprises during the April-December period. The majority of the investments were brought into the manufacturing sector. The agriculture sector drew $3.5 million from two pro­jects. The power sector received $817 million from 10 projects, while one enterprise put $29 million in the real estate sector and two other foreign enterprises made an investment of $413.068 million in the service sector re­spectively. The hotels and tour­ism sector attracted less than $1 million. The mining sector received $7 million from one pro­ject, while one enterprise also put investments of less than a million into the hotels and tourism sector and some capital expansion of the existing businesses is also seen. Additionally, the livestock and fisheries sector saw a capital expansion of $1.545 million.

The manufacturing enter­prises and businesses that need a large labour force are prior­itized to create job opportunities for the local community. Manu­facturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical de­vices, agriculture and livestock farming and its related indus­tries and public transportation services will be prioritized for investment. The commission welcomes both foreign direct in­vestment and domestic invest­ments made by Myanmar citi­zens in those sectors. Myanmar Investment Commission and the related ministries will also ensure investment facilitation.

Myanmar’s manufacturing sector is largely concentrated in garment and textiles pro­duced on the cutting, making, and packaging (CMP) basis, and it contributes to the country’s GDP to a certain extent.

There are active 541 fac­tories operated under MGMA. The majority of them are from China, followed by Myanmar and the Republic of Korea.

Myanmar has drawn for­eign direct investment of more than $647.127 million from 49 enterprises in the past mi­ni-budget period (October 2021-March 2022). Of them, 40 foreign enterprises put invest­ments in the manufacturing sector, pumping an estimated capital of $202.667 million. — KK