Foreign investors in Myanmar are understandably cautious given the uncertainty surrounding the upcoming elections.
How cautious? So far this year, there has been absolutely no foreign investment in Mandalay, the former royal capital the country’s second-largest city, Myanmar Business Today reported in its July 2-8 issue.
If the drought continues, there will be a big drop from the $647 million invested in the 2014-2015 fiscal year, and $87.75 million the year before.
“Ten business firms have been allowed to invest in Mandalay region during these two years. However, there has been no investment for this fiscal year,” Daw Nwe Ni Oo, an official at the Directorate of Investment and Company Administration was quoted as saying.
Just one Chinese firm has floated the possibility of opening a garment factory, she added.
The most popular sectors for foreign investors interested in the city have been construction, agriculture, hotels and tourism and transport, while the biggest investor has been Hong Kong, followed by China and Singapore.
Photo / Mandalay International Airport / Wikicommons / Wagaung
