FDI in Mon State Fell by Half in Fiscal 2018: Minister
The state has attracted more than $600 million in new foreign investment projects since the National League for Democracy assumed power.
By NETWORK MEDIA GROUP
Tuesday, June 11, 2019
Mon State has received more than US$600 million in foreign direct investment (FDI) in the three years since the current government assumed power, but last year saw a significant dip from the previous year’s level, according to the state’s planning minister.
“There have been 10 projects approved over the past three years, worth a total of $614.628 million,” said Wunna Kyaw, the state’s minister for planning, finance, immigration and population, speaking to NMG.
However, FDI projects approved in the fiscal year that ended in March 2019 brought in less than half the amount of new projects from the previous year, which saw $475 million come into the state economy from overseas, according to the last year data announced by Mon State Government.
There was reported that no new investment during the first year of the current National League for Democracy government.
Companies from 11 different countries have invested in Mon State, with Thai and Chinese companies being the largest investors.
According to Mon State’s investment commission, most FDI has gone into the state’s industrial production, service, energy, and electricity sectors. The commission’s director, Myint Lwin, said the energy sector has attracted the highest level of investment.
Currently, there are no joint-venture investment projects in Mon State. If a foreign company invests 1 percent in a joint venture with a local company, the investment commission will recognize it as foreign investment.