The energy sector will help fuel foreign investment in Myanmar during the 2015-16 fiscal year. That was the main message to come out of the Myanmar Global Investment Forum held in Nay Pyi Taw 15-16 September attended by over 800 local business people and foreign experts.
For the last three years, Myanmar’s political and business leaders have met with global investors and executives at the Euromoney Myanmar Global Investment Forum.
Myanmar delegates were cautiously optimistic that there would be an improvement in foreign direct investment (FDI) levels.
Renewed business engagement with Myanmar’s energy sector may mean an increase in foreign direct investment for the country in 2015 and 2016, said Myanmar Investment Commission chairman U Zeyar Aung, according to the Global New Light of Myanmar.
“FDI will almost certainly increase this year and next, particularly as major announcements related to oil and gas tenders, solar power projects and other energy sector investments signal a new influx of business engagement,” the chairman said.
Since 2011, Myanmar has witnessed a rush of economic reforms and foreign investments but the pace has begun to slow in anticipation of the upcoming general elections. Despite this, the country remains poised for rapid growth and development given its rich natural resources and strategic location.
Key topics included Capturing Investment Opportunities in Myanmar include Outlook of Myanmar's Business leaders 2016, deregulating the Banking Sector, Power Generations for Myanmar's Growth, Natural Resources Unlocking and Mining, Myanmar's Agricultural Market integration to the Region's Market, looking into the SEZ Development and infrastructure, Myanmar's Tourism Industry Development and Real Estate and Urban Planning in Myanmar.
U Zay Yar Aung, who is also the minister of energy, told the forum that the country needs large infrastructure investments in power generation, transportation, special economic zones, and resource development, as well as other supporting infrastructure to realize its long-term growth and development.
FDI will almost certainly increase this year and next, particularly as major announcements related to oil and gas tenders, solar power projects and other energy sector investments signal a new influx of business engagement, he said.
According to official statistics, foreign contracted investment in Myanmar has hit US$57.12 billion as of August 2015 since late 1988 when the country opened to such investment.
It is expected to receive US$6 billion in the current fiscal year 2015-16, the Myanmar Investment Commission said.