Myanmar government has set out 20 year FDI Promotion plan and beaten its targets since fiscal year 2012-2013. For the fiscal year 2015- 2016, Myanmar targets US $6 billion in FDI and expects to exceed it as previous years. The country’s FDI is positive that in the fiscal year 2014-2015, the government’s initial target was US$ 4 billion and later increased it to US$ 5 billion then received $8.01 billion. So for this year, US $6 billion is initial target which may be amended as last year. The director-general of the Directorate of Investment and Company Administration and secretary-general of the Myanmar Investment Commission (MIC), U Aung Naing Oo said, “Most of the foreign companies are based in Singapore. So Singapore based companies stand the highest ranking in FDI Myanmar and actually, foreign investors include the companies from around the world.” Myanmar’s economic growth rate is expected to exceed 8 percent annually in the next few years.
Compared to 2009-2010, when the FDI amount was only $329.6 million; foreign investment in Myanmar has significantly increased. Under the guidance of Myanmar Investment Commission (MIC), foreign investors can now lease state-owned land and private properties, transfer ownership of businesses and transfer money with fewer restrictions. In the earlier months of 2015, MIC has processed licenses for investment in various sectors. It has licensed 77 local and foreign firms, including those in the oil and gas industry, transportation and communications, manufacturing, the real estate sector, hospitality, agricultural business and mining and power.
In the fiscal year 2014-2015, among the foreign investors, Singapore based companies are at the highest ranking with investments of US$ 4.2 billion while United Kingdom companies have invested US $850 million taking second place. Chinese companies have invested US$ 516 million, occupying the third place.
