That is unchanged from the forecast for the previous fiscal year, which ended on September 30. However, Myanmar received just $4.5 billion in actual FDI for 285 projects during the year, falling short of its forecast of $5.8 billion for fiscal 2018-19.

“In 2019-20, we will hold more forums outside Yangon to draw more investors to the other states and regions. We will also promote investments across Asean and Europe. We are expecting the bulk of investments to flow into the manufacturing sector,” U Thant Sin Lwin said.

He added that there are also many projects in the pipe, which after receiving the necessary endorsements, will be permitted to commence.

In comparison, the bulk of FDI in 2018-19 was channeled into transport and communication, followed by manufacturing and services.

In the last fiscal year, Singapore brought in $2.4 billion in funds, which was channeled into 25 projects. That represented around 60pc of total FDI for the year. China was the second largest investors in the country, pumping in $600 million in 140 projects.

According to the Asian Development Bank (ADB), FDI into Myanmar has accelerated in 2019, with capital inflows rising by 45.3 percent for the first five months of the year compared to the same period last year. This reverses a 75.6pc decline in the corresponding months of the previous year.

While Western investors shunned Myanmar because of concerns over continued unrest in some conflict-affected areas, higher investment flowed from Asian investors, in particular from Hong Kong, China and Singapore, the ADB said.

It is expecting FDI prospects to turn positive this year as well as next.

Source: https://www.mmtimes.com/news/fdi-forecast-remain-flat-us58b-fiscal-2019-20.html