SINGAPORE: More than US$3 billion worth of investment entered Myanmar by August this financial year and Singapore topped the list of foreign investors, according to the Myanmar Investment Commission (MIC).
Singapore has traditionally been used as a conduit by investors in countries where economic sanctions have been imposed on Myanmar. The MIC said it allowed about US$190 million of investment at Thilawa SEZ in line with the special economic zone law. China was second, said MIC Deputy Director General Than Aung Kyaw. Myanmar expects foreign investment to reach US$6 billion this financial year. The MIC on August 29 allowed eight foreign investments worth about US$190 million, including three industrial projects, one in farming and two in hotels and tourism. The investments could create 1,300 job opportunities for citizens, the MIC said. The MIC said it favoured investment based on economic benefits, creating jobs, improvement in national income and tax, market conditions and demand, the use of appropriate technology, creativity, environmental impact and plans to maintain social duties and responsible investment.