YANGON, Jan. 26 (Xinhua) -- The Myanmar Investment Commission (MIC) has approved 5.78 billion U.S. dollars of foreign direct investment in the 2016-2017 fiscal year, which could meet the target of 6 billion U.S. dollars, official media reported Thursday.
As of late December, the total foreign direct investment to the country reached 3.46 billion U. S. dollars, down by over 1 billion U.S. dollar as compared with the same period of the last fiscal year.
U Aung Naing Oo, secretary of MIC and Director General of Directorate of Investment and Company Administration (DICA), attributed the situation to the wait-and-see attitude on new laws and regulations by foreign investors.
The total foreign investment as of March, the end of this fiscal year, is expected to reach 7 billion U.S. dollars, said U Aung Naing Oo.
Myanmar's new Investment Law, drafted in 2013 based on suggestions from experts and businessmen with the help of International Finance Corporation (IFC), was endorsed in October last year. It combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law in 2013.
The new investment law will take effect on April 1 this year, according to the DICA.