Myanmar targets $8-billion FDI in fiscal year 2016-17
May 10, 2016 at 18:30
Myanmar targets $8-billion FDI in fiscal year 2016-17
Myanmar is seeking to attract $8 billion in foreign direct investment (FDI) in the present fiscal year (FY) of 2016-2017, according to the Directorate of Investment and Company Administration on Monday.
The country drew $9.5 billion worth of FDI in the last FY of 2015-2016, which ended in March, up from FY 2014-2015.
The increase was due to the investments injected into the sectors of oil and gas, manufacturing and telecom.
Myanmar received $1.413-billion foreign investments in FY 2012-2013, $4.107 billion in FY 2013-2014 and over $5 billion in 2014-2015.
According to official statistics, foreign investment in Myanmar totaled $63.718 billion as of the end of March 2016 since late 1988.
China topped the foreign investors line-up with $18.072 billion, accounting for 28.36 percent of the total, followed by Singapore with $13.066 billion and Thailand with $10.5 billion.
By sector, oil and gas stood atop with $22.41 billion, accounting for 35.17 percent of the total, followed by power with $19.684 billion, manufacturing with $6.585 billion and transport and communication with $5.085 billion.
Foreign investment during U Thein Sein’s previous five-year government term from 2011 to 2016 has created over 350,000 job opportunities.
The Myanmar Investment Commission has been encouraging more FDI in trade, agriculture and infrastructure in to speed up the country’s economic development and create more job opportunities.
Meanwhile, Thai and Myanmar labor ministers have agreed to proceed with a labor-cooperation plan to import migrant workers through a government-to-government agreement, says a senior ministry official.
Labor Spokesman Theerapol Khunmuang said the plan is aimed not only at putting an end to labor exploitation and human trafficking, but also ensuring migrant workers’ rights are protected.
The agreement was concluded on a recent visit to Myanmar by Labor Minister Gen Sirichai Distakul, he said, noting the meeting was a follow-up on the previous one in January in Nay Pyi Taw, the capital of Myanmar.
Theerapol said the meeting in Myanmar was also intended to prepare for an upcoming meeting of Asean labor ministers in Lao PDR in the middle of this month.
Thailand has already signed a labor agreement with Laos, Vietnam and Cambodia.
He said the Labor Ministry will submit the proposed government-to-government labor-procurement agreement to the cabinet for approval.
Both countries have agreed to set up working panels to prepare for the arrangement and launch of public relations campaigns to inform workers about welfare benefits and expenses to prevent them from being exploited.
Gen Sirichai had also allayed concerns that bringing in migrant workers would dislodge Thais from their jobs, saying the import was merely intended to ease a shortage in certain industries where Thais do not want to work.
Meanwhile, the National Steering Reform Assembly (NSRA) on Wednesday endorsed a report calling for all-year round registration of migrant workers at permanent border checkpoints to encourage illegal workers to enter the labor system.
The report, prepared by the NSRA committee on social affairs, intends to help bring illegal migrant workers into the system to ensure their rights are protected and they have a decent working environment, work safety, social protection and welfare, officials said.
Source: www.businessmirror.com.ph
