According to the Myanmar Investment Commission (MIC) , foreign investment in Myanmar is expected to be even higher than last fiscal year, despite the General elections( to be held in October and November). U Aung Naing Oo, General secretary of the MIC has been cited as saying" [foreign investment] will not be lower than last year and it will even be much more after the successful conclusion of [the] elections.
Compared to the similar time period last FY, the first quarter has attracted twice the number of businesses and 3 times the capital. There were a total of 71 businesses committing over USD 2.5 billion in comparison to last FY where there were only 39 businesses and USD 810 million. Thus the projections put the whole amount for this FY at USD 6 billion. Last FY, USD 4 billion was expected but at the end of the year more than 8 billion was invested, a new record for Myanmar.
Moreover, he added that the majority of the Ministers and Deputy Ministers in the MIC will not be contesting the elections. Coupled with the mandate to hold commission meetings at least twice a month, the investment processing will not be hindered at all.
Manufacturing businesses top the list for new investments followed by electronics & communications and Hotels and Tourism placing third.