YANGON, Myanmar’s Investment and Foreign Economic Relations Ministry has set a target of 1.5 billion U.S. dollars for total foreign investment in the current 2022-2023 fiscal year (FY), Union Minister U Aung Naing Oo said on Thursday.
Myanmar is planning to attract foreign investment by making priority developments in petrochemical and energy projects, power and construction among others, he told a press conference.
The country is also planning to invite more Chinese investment mainly in power sector as China is one of the major investors to Myanmar.
Myanmar attracted 647.127 million U.S. dollars of foreign investment in the past 6-month interim budget period ended in March, the Directorate Investment and Company Administration’s data showed.
The Southeast Asian country decided to change its fiscal year from the original October-September to April-March beginning 2022-2023 FY.
Source: China – ASEAN Business Council