Myanmar’s FDI stands at $1.4 billion for 7 months with Singapore main player

26 November 2022
Myanmar’s FDI stands at $1.4 billion for 7 months with Singapore main player
People visit the Merlion statue in Singapore on October 14, 2020. Photo: AFP

Singapore is Myanmar’s largest foreign investor with a total of US$1.154 billion over seven months, making up close to 80% of the total foreign direct investment during the period.

According to the figures released by the Military Council’s Directorate of Investment and Company Administration, Myanmar received a total of 52 investments from foreign countries adding up to $ 1.451 billion over the seven months of the 2022-23 financial year from 1 April to 31 October.

Singapore’s investment is nearly 80% of the total FDI and the second largest is from Hong Kong with over $160 million.

China stands as the third largest with over $90 million and it was followed by Japan with over $21 million, South Korea with over $4 million, Taiwan with $3 million, Brazil with $1.5 million and the UK with $300,000.

Neighbouring countries such as Thailand, India, and Bangladesh, together with Switzerland, added to the businesses they invested in earlier.

The investments made by Singapore and China usually stand first in FDI but the investments from these countries also fell after the military coup.

Given the deteriorating situation in Myanmar, the level of FDI has fallen and some Multinational Corporations (MNCs) either suspended or withdrew their businesses from the country, which has prompted a rise in the unemployment rate in the country.

Moreover, the listing of Myanmar on the blacklist by international money laundering watchdog, Finance Action Task Force (FATF) on 21 October has prompted concern among a number of foreign investors, economic observers on Myanmar said.