Foreign direct investment in Myanmar for 2016 fiscal year has nearly reached the target of US$6 billion with Singapore being the top investor, The Irrawaddy Online reported on Tuesday.
With two months remaining until the end of the 2016 fiscal year on March 31, FDI in Myanmar reached $5.8 billion, including several new projects approved in January by the Myanmar Investment Commission.
Transport and communications sectors topped the list of foreign direct investment, totaling $3 billion followed by manufacturing sector’s $1 billion and real estate’s $747 million and energy sector’s $612 million.
Singapore is the top investor, having invested $3.38 billion during the current fiscal year followed by Vietnam’s $1.3 billion and China came third with $462 million.
Dr Maung Maung Lay, vice chairman of the Union of Myanmar Federation of Commerce and Industry, said Myanmar needs heavy industry to invest in the country.
The lack of infrastructure in Myanmar poses a serious barrier to foreign investors.
“We are now worrying about power supplies in the summer. This is something which happens every summer. Why will foreign investors come here when they could go to another country that is able to offer better infrastructure, “ said U myat Thin Aung, chairman of Rangoon’s Hlaing Tharyar industrial zone.