Sep 23, 2015

Foreign investments seek quick rewards

Myanmar receives a massive inflow of foreign investments into sectors that produce short-term benefits, despite efforts to boost investment in agriculture and infrastructure sectors, said Aung Naing Oo, the director-general of the Directorate of Investments and Companies Administration.

Aung Naing Oo said: “Most investments are flowing into the manufacturing sector because factories can be set up easily. Entrepreneurs can get the benefits from the distribution of products to local and foreign markets in a short period of time.”

Myanmar has granted permits for foreign investments in the farming, livestock, fishery, production, energy, oil and gas, construction, transportation, telecommunication, hotels and tourism, real estate, industrial estate and services sectors.

During the first five-month period of this fiscal year, the government gave the green-light to investments in the manufacturing, oil and gas, hotels and tourism, transportation, telecom, real estate and services sectors. The oil and gas sector has topped foreign investor lists, followed by the manufacturing sector.

According to the figures, this fiscal year has not seen an inflow of investment in the farming sector yet. Last year, the farming sector attracted US$40 million in foreign investment.

“More diverse investments in the manufacturing sector can create more employment opportunities for our citizens. We want technology companies rather than garment factories, as those companies can offer technical training to our citizens,” said Aung Naing Oo.

Source: Eleven Weekly Media