Myanmar forecasts to raise $5 billion in Foreign Direct Investment
Myanmar’s government has forecast approximately $5 billion in Foreign Direct Investment (FDI) for the fiscal year that began in April.
Investment is largely led by new ventures in telecoms and energy, and exceeds a previously forecasted figure of $4 billion.
According to Aung Naing Oo, secretary for the government run Myanmar Investment Commission (MIC) investments in the first five months of the fiscal year were worth $3.32 billion.
“Considering the rapid growth in the inflow of FDI in the first five months during this fiscal year, we’ve revised our estimates,” he told Reuters. “It will be over $5 billion.”
Japanese player KDDI recently partnered with state-owned MPT and pledged to invest $2 billion in the country, while international players Telenor and Ooredoo have both launched mobile services and continue to upgrade networks.
There are also rumours that Myanmar’s Yathanarpon (YPT) is in talks with Thai player True over launching joint operations in the country.
Naing Oo said 31% of investment in the country by the end of August was in telecoms. The sector continues to thrive after a series of political and economic reforms launched three years ago.
Capacity’s Myanmar Connect conference began yesterday in Nay Pyi Taw.