Foreign investors undaunted by rising COVID-19 cases in Myanmar

The manufacturing and real estate sectors both amassed billions worth of investments  

Despite the growing number of COVID-19 cases across Myanmar, The Star reported that the country has gained foreign investments worth more than USD5.52 billion during the previous fiscal year (FY) 2019 to 2020 until the end of 30 September, citing figures published by the Directorate of Investment and Company Administration (DICA). 

Since 1 October 2019 to 30 September 2020, the Myanmar Investment Commission (MIC) revealed that they have authorised 245 foreign investment enterprises. 

In this period, the power sector gained the most, accumulating more than USD1.67 billion foreign investment capital. The manufacturing with USD1.12 billion and real estate sector with USD1.11 billion followed suit. 

The total amount of foreign investment capital, however, did not reach the original target of USD5.8 billion. In comparison, FY 2018 to 2019 brought a capital of over USD4.15 billion yet it only grew by more than USD1.36 billion this year. 

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“Currently, we still set the target of USD5.8 billion foreign investment capital for present FY 2020 to 2021 as we guess that we can reach the target this fiscal year,” said a DICA official. 

Among the largest investors in Myanmar are from China, Singapore and Thailand. 

Across the entire region, Yangon attracted 60 percent of foreign and local investments, followed by Mandalay with 30 percent and the remaining 10 percent went into other regions and states.  

As of 13 October, the country reported 1,123 new cases, bringing the total number of infections to surpass the 30,000 mark and the death toll to 693, with 29 newly reported on the same day.