Myanmar's FDI inflow declines in 8 months of FY 2023-24

Yangon, Dec 30 (IANS) Myanmar's foreign direct investment (FDI) declined year-on-year, with 587.242 million U.S. dollars attracted in the first eight months of the 2023-24 fiscal year, according to the Directorate of Investment and Company Administration (DICA) on Saturday.

The Southeast Asian country attracted more than 1.45 billion dollars in the same period of the previous fiscal year 2022-23, the DICA's figures showed, Xinhua news agency.

From April 1 to November 30 this year, the Myanmar Investment Commission (MIC) approved 45 foreign investment enterprises, the DICA said.

During the eight-month period, the power sector attracted the most foreign investment with capital of over 374 million dollars, followed by the manufacturing sector with over 102 million dollars and the transport and communication sector with over 77 million dollars, it said.

Singapore, China and Thailand are the largest investors in Myanmar during the period, the DICA data showed.