Over 5 bln USD foreign investment flows into Myanmar's central region

Source: Xinhua| 2019-02-04 15:15:22|Editor: Lu Hui
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YANGON, Feb. 4 (Xinhua) -- About 5.7 billion U.S. dollars of investment from over 70 foreign enterprises have entered Myanmar's Mandalay region so far since the regional investment committee was founded in 2017, the official Global New Light of Myanmar reported on Monday.

The investments flew into the manufacturing, tourism, power sectors and other services in Mandalay region.

Investors are invited to invest in the region's culture-based tourism sector as it is a home for over 300 intangible cultural heritage assets including the gold embroidery business and traditional arts and crafts, Mandalay Region Chief Minister U Zaw Myint Maung was quoted as saying.

The Mandalay region investment committee was formed in July 2017, entrusted with the power to approve foreign direct investments with an amount not exceeding 5 million U.S. dollars under the new Myanmar Investment Law introduced on Aug. 1 last year.

The Yangon region attracted 60 percent of investments from both home and abroad, followed by Mandalay with 30 percent and the rest flowed into other regions and states.

Meanwhile, the Myanmar Investment Promotion Plan (MIPP) was introduced by the Myanmar Investment Commission (MIC) on Oct. 8 last year, to promote investments for better development in economy, institutions, infrastructure, industries and human resources in the country.

Under the MIPP, Myanmar targets to attract more than 200 billion U.S. dollars in the next 20 years from the fiscal year 2016-2017 to 2035-2036.