Myanmar Expects over $6 billion Foreign Investment for 2017-2018 Financial Year
Myanmar is expecting more than $6 billion of annual foreign investment for the current financial year that started on April 1, 2017. The projected volume is nearly the same as that of the previous financial year, which attracted total foreign investment value of $6.6 billion. The 2016-2017 financial year marked a one year period the NLD-led government has come to power.
The country in Entry of foreign investment into Myanmar dropped in the past financial year when compared to the fiscal 2015-2016, which saw a record-high inflow of foreign direct investment (FDI) under the previous government, fetching total investment volume of $9.4 billion.
Among the investment areas, transport and communications sector grasped $3.08 billion of foreign investment in the 2016-2017 financial year. Manufacturing sector came in at second with $1.2 billion investment, followed by energy sector with $910 million.
Thai SMEs Seek Myanmar Local Partners
Representatives from 30 Thai small and medium-sized enterprises visited Myanmar from June 26 to June 28 to seek potential local partners. For the trip, the Thai Chamber of Commerce (TCC) had selected companies with the greatest potential and the best products in Myanmar. “All the Thai participants were satisfied with their business trip, since most can find partners to help them distribute their products in Myanmar,” said Kitsana Vachekrilas, treasurer of the TCC. The selected Thai SMEs have already achieved success in Thailand and wants to expand their business ventures to the CLMV countries (Cambodia, Laos, Myanmar and Vietnam).
MPT Launches 4G/LTE Mobile Services
MPT, the state-owned telecommunications operator of Myanmar which works with Japan’s KDDI and Sumitomo, has launched 4G/LTE-Advanced mobile services in three major cities Nay Pyi Taw, Yangon and Mandalay. MPT’s LTE-Advanced network covers 47 districts in the cities of Yangon, Mandalay and Nay Pyi Taw. It is planning to reach over 20 cities by August and 30 cities by September.
Currently MPT is the largest telecom provider in Myanmar with 23 million users with Telenor having 18 million and Ooredoo 9 million. Norwegian company Telenor and Qatari provider Ooredoo were granted telecommunications licence in 2014 under the previous reformist government.
