Until August 8 of this fiscal year, the total foreign direct investment exceeded US$3.6 billion, Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration, has told a press conference.
The total FDI is expected to reach US$6 billion this fiscal year.
Overseas companies invested US$2.96 billion in 112 businesses. The total FDI reached US$3.49 billion, including investment promotion, according to the Myanmar Investment Commission.
Under the Special Economic Zone Law, the MIC allowed an investment of US$189.6 million in Thilawa Special Economic Zone during this fiscal year. The inflow of FDI into the project amounted to US$3.68 billion. The MIC granted permits to 54 investments under the 2012 Foreign Investment Law and 58 investments under the 2016 Myanmar Investment Law.
On August 7, the MIC gave the green-light to 19 foreign investments worth US$184.3 million, with the creation of an estimated 11,200 jobs.
The MIC grants investment permits based on economic conditions, job creation, potential to increase national income and tax revenue, domestic and overseas markets, domestic consumption, compactable technologies, innovation, measures taken for technical transfer, social and environmental impacts, responsible investment and compatibility with the law.
Translated by Myo Than