Myanmar attracted 5.7 billion USD in foreign direct investment in the last fiscal year 2017-18 (Photo: AFP)Hanoi (VNA) – A Myanmar official has said theEuropean Union (EU)'s probable withdrawal of its Generalised Scheme ofPreference (GSP) will not impact the foreign investment flow into the country,the official Global New Light of Myanmar reported on October 28.
U Than Aung Kyaw, deputy director general of theDirectorate of Investment and Company Administration (DICA), explained thatthis will be due to the fact that EU countries have never been leadinginvestors in Myanmar.
He added that the government is deliberating towork out a policy if the EU revokes the GSP.
The EU has granted the GSP for Myanmar since2013. However, the EU Trade Commissioner announced on October 5 that they willsend commission to Myanmar to observe for consideration to revoke GSP out ofthe Rakhine issue.
Statistics show that foreign investment inMyanmar reached 77.2 billion USD as of the end of August 2018 since late 1988,when the country opened to the investment. China topped foreign investors inthe Southeast Asian nation with some 20 billion USD, followed by Singapore with19.6 billion USD, and Thailand with 11 billion USD.
Britain was the biggest EU investor with nearly4.4 billion USD, followed by the Netherlands with 1.5 billion USD at the ninthposition.
The new Myanmar Companies Law 2017 came intoeffect on August 1, 2018, registering an important milestone with itsefforts to promote foreign investment.
According to statistics, the country attracted5.7 billion USD in foreign direct investment in the last fiscal year 2017-18with Singapore topping the list of foreign investors with 2.1 billion USD.-VNA
VNA
