Business expects wave of US investment
DIRECT US investment in Myanmar was US$4.7 million (Bt164 million) but indirect investment via countries like Singapore was almost $2 billion, Aung Naing Oo, director-general of the Directorate of Investment and Company Administration, said last week.
“Since 1989, US investments have exceeded $248 million but direct investment amounted to just $4.7 million.
“The US usually makes its investments through Singapore. For instance, Coca Cola Company and oil and gas industry investment comes from Singapore,” he said.
US companies investing in Myanmar include Frontiir, Haker Enterprises, Express Food Group, Apollo Towers, Colgate-Palmolive, Irrawaddy Green Towers, Agarwin Keystone, Unocal Offshore Co and Royal Marine Engineering Co, Benchmade Asia and Global Apparel Textile Manufacturing.
Much more investment would flow into the country after the US lifted its sanctions.
“Due to US sanctions, bank transactions performed in dollars cannot run smoothly. It makes many hindrances and lots of companies do not want to deal with the difficulties.
“For instance, some US companies enter the county via Singapore.
“Now the country can attract huge investment. Foreign bank transactions will run smoothly thereby creating better conditions,” he said.
The country’s foreign investments are expected to reach $6 billion this fiscal year.