Yangon Region has lured 70 per cent of total foreign direct investment (FDI) entry into Myanmar, said Than Aung Kyaw, Deputy Director at the Directorate of Investment and Company Administration (DICA).
The Yangon Region Investment Committee from August 2017 to January 24, 2018 granted endorsements for a total of 31 investment proposals applied by businesses from Singapore, China, South Korea, Taiwan, Hong Kong, Japan, Malaysia and Myanmar to make investments in industrial sector and a range of service sectors, said Than Aung Kyaw. Out of the 31 applications, 27 were foreign and the remaining domestic.
Investment committees in Regions and States are now undertaking the permission processes for an investment value of up to $5 million, according to the Ministry of Commerce.
Total FDI value into Myanmar up to the first week of February in the current financial year that started from April 2017 hit over $5.4 billion, according to the Myanmar Investment Commission (MIC), a government-appointed body assigned with appraising domestic and foreign investment proposals.
DICA, which is under the Ministry of Planning and Finance, have established a total of 15 regional branches across the country to make administrative processes concerned with investment and company registration and permission locally available without coming to Yangon headquarters. MIC along with DICA also have set up Region and State branches nationwide to facilitate and speed up domestic and foreign investments in addition to its Yangon headquarters.
