US$6bn in foreign investment expected this fiscal year

Writer: 
Nay Rai and Zeyar Tun
The Myanmar Global Investment Forum in Nay Pyi Taw on September 12.

 

Foreign investment in Myanmar is expected to reach US$6 billion this fiscal year (2017-18), and investment has already reached $3.5 billion, said Dr Wah Wah Maung, director-general of the Ministry of Planning and Finance, during Myanmar Global Investment Forum held at the Myanmar International Convention Centre-2 in Nay Pyi Taw on Tuesday.  

"Investment has improved now. We expect about $6 billion. Up to now, we have seen $3.5 billion in foreign investment," said Dr Wah Wah Maung.

She added that foreign investment had improved this year and in the previous year, even as investors have been likely to watch and wait as the government transitions.

"They know Myanmar faces challenges. Meanwhile, they also know there are many opportunities. They take an interest in Myanmar. The world is willing to help the government. If we know what sectors they want to invest in when they come here and what sectors we want them to invest in, we will know the balance between our needs and their investments. So we hold this forum every year," said Wah Wah Maung.

Most foreign investors come to invest in Myanmar’s manufacturing sector, with Singapore holding the highest value in investments, followed by China, Hong Kong and Thailand.

Most foreign investment goes into Yangon Region, followed by Mandalay and Bago regions and Mon State.

The forum was attended by experts and government officials. They discussed Myanmar's economic outlook, the investment situation, banking and financial reforms, the combination of the electricity and energy sectors, challenges to infrastructure, industrial development, agricultural and livestock breeding development and tourism development efforts.