NAY PYI TAW, Sept. 12 (Xinhua) -- Myanmar is expecting to attract about 6 billion U.S. dollars of annual foreign direct investment starting from 2018, U Maung Maung Win, deputy minister of the Ministry of Planning and Finance said Tuesday.
In accordance with the Foreign Direct Investment Promotion Plan (FDIPP), the country is expecting about 6 billion U.S. dollars of FDI aiming to reduce poverty, promote economic development and attract over four billion U.S. dollars of FDI during 2016-2020, the deputy minister said at the 6th Myanmar Global Investment Forum which kicked off in Nay Pyi Taw Tuesday.
In the current FY 2017-18, over 3.5 billion U.S. dollars of FDI had so far entered the country, he disclosed.
According to the report from Asian Development Bank, Myanmar's economy has rapidly improved with estimated GDP growth at 7.7 percent in 2017 and 8 percent in 2018.
The World Bank also forecast that Myanmar economy will grow with an average of 7.1 percent per year in the next three years.
The minister stressed that foreign investments are still needed in the country's infrastructure sector, special economic zones and industrial zones for better economic development in the country.
The 6th Myanmar Global Investment Forum, jointly organized by Myanmar Investment Commission and Euromoney Institutional Investor, Asia, will last for two days.
On Tuesday's first day forum, about 30 speakers participated in the panel discussions under topics including Myanmar's Economy in 2017-18, Investing in Myanmar, Banking and Financial sector reform and others.