MIC targets $6bn in foreign investment

Thilawa Special Economic Zone. (Photo-Kyi Naing)

 

The Myanmar Investment Commission (MIC) is working to boost foreign investment into the Thilawa Special Economic Zonegiving the greelight to proposals and attracting new proposals, according to its secretary Aung Naing Oo.

The MIC has not yet granted permits to 52 investment proposals worth nearly US$3 billion, which would take foreign direct investment (FDI) above the anticipated level

Foreign investment in Thilawa has exceeded US$900 million and total FDI is set to reach US$6 billion this financial year. 

Between April and mid-December the MIC granted permits to 78 investments worth US$2.1 billion. Total investment, including investment promotion, had reached US$3.4 billion. 

Aung Naing Oo said: The inflow of foreign investment into the country is low compared with that from the same period last year. There is no big impact. We have to draw an investment planbased on the national plan. 

"There may be a few impacts on the national plan if the FDI doesn’t reach US$6 billionBut we already have a recovery plan. We can draw a recovery plan the next year if the FDI doesn’t meet its target."