Oct 5, 2015

Foreign investment projected at US$12 billion

The country’s foreign investment is projected at US$12 billion for this fiscal year, Dr Aung Tun Thet, presidential economic adviser, told the Myanmar Global Investment Forum in Nay Pyi Taw.

The Myanmar Investment Commission member said: “The country has the potential for a massive inflow of foreign investment. Last fiscal year’s total foreign investment amounted to US$8.1 billion. This year will see more investment. It may reach US$12 billion. We welcome non-traditional investment. We accept investment in the media and entertainment sectors.”

Foreign investment is expected to rise if the November 8 election is completed successfully.

Dr Aung Thura, CEO of the Thura Swiss research and consulting firm, said: “The current foreign investment is just what is permitted. But businesses are still unable to start. Investment is not in cash. Investors will start businesses if there is a healthy environment after the election.”

Pyae Wa Tun, CEO of Parami Energy Group of Companies, said: “Whichever party wins the election must deal with many issues. For instance, taxes cannot be fully collected on goods imported through the borders. We must tackle such issues. Civil service reform is needed. The country needs investment in human resources if it is going to catch up with other nations. We need to develop small- and medium-sized enterprises. These issues need to be tackled whatever party comes to power.”

Source: Eleven Weekly Media