Home Insider Agriculture Sector has Received Foreign Investment Inflow of $4 Million

Agriculture Sector has Received Foreign Investment Inflow of $4 Million

Since the 2017-2018 financial year that started on April 1, Myanmar’s agriculture sector has received $4 million-worth in foreign investment inflow, according to Aung Naing Oo, director-general at the Directorate of Investment and Company Administration (DICA).

The sum comes from a joint venture project which is shared by 65 per cent local investment and 35 per cent foreigner-owned stake.

As agriculture is included among the sectors designated to boost investment inflow, tax relief incentives are in place for potential investors, added Aung Naing Oo. The agriculture sector has attracted only small foreign investment sums over recent years.

Over the previous financial year the transport and communications sector was the highest-grossing industry for foreign investment, collecting $3.08 billion. The country attracted a total foreign investment value of $6.6 billion in the 2016-2017 fiscal year, a significant drop from the $9.4 billion from the year before.

Authorities expected a foreign investment influx of $6 billion for the current financial year. In order to attract more investment into agriculture sector, liberalisations have been arranged to tone down barriers and restrictions, officials at the DICA said.