While most observers contemplate Burma’s new Foreign Investment Law, data has been released by the Directorate of Investment & Company Administration (DICA) department that analyzes domestic investments in the country since the Myanmar Citizen’s Investment Law was enacted in 1994.
The data reveals that the production sector has received the highest interest by far among its competitors with no less than 598 permits issued for businesses during the 18 years ending in November.
“There are 598 different businesses in Burma’s production sector, which is quite a large amount,” said Htay Myint, the Food Production Manager at Hlaing Thar Yar Industrial Zone.
According to DICA, which falls under the authority of the Ministry of National Planning and Economic Development, the construction sector is the second most popular investment for Burmese with a total of 53 local investment permits issued in 18 years.
The production sector includes garment factories, construction material production, food processing, furniture factories, stationery and paper manufacturing, umbrellas and household goods like toothpaste and soap, and agricultural products.
The DICA figures compare domestic permits issued by the department to cover investments in the following sectors:
construction, agriculture, oil &gas, industrial estates, production, hotels & tourism, real estate development, transportation, fisheries & livestock breeding, and mining.
It reveals that, from March 1994 up to November 19, 2012, only one permit has been issued for industrial estate, five for fisheries & livestock breeding, five for agriculture, seven domestic permits for the lucrative oil & gas sector, 21 permits for transportation, 23 for Hotels & Tourism, 32 for real estate development, 51 for mining businesses, 53 for construction, and an overwhelming 598 domestic permits for the production sector.