The Directorate of Investment and Company Administration (DICA) has signed a memorandum of understanding (MoU) with the European Chamber of Commerce (EuroCham) to boost cooperation in building a sustainable business environment to attract responsible investment.
DICA and EuroCham held an online MoU signing ceremony on 21st October. Under the MoU, DICA and EuroCham will hold meetings, forums and summits to promote investment. DICA will also co-host the annual Myanmar-EU Economic Forum launched by EuroCham.
“We will collaborate with the EU chamber for investment promotion, especially to invite more investors from EU countries,” DICA deputy director-general U Min Zaw Oo told The Irrawaddy. EU investors remain interested in Myanmar although coronavirus is the biggest current challenge.
Total investment from EU countries in Myanmar reached nearly US$7 billion (9 trillion kyats) last year, accounting for 8.6 percent of foreign direct investment, according to the DICA.
According to the Myanmar Investment Commission (MIC), the country secured $5.7 billion (7.3 trillion kyats) in foreign direct investment (FDI) in the 2019-20 fiscal year that ended on Sept. 30. The figure is $1 billion (1.3 trillion kyats) higher than the previous year.
The country is projected to receive $8.5 billion (11 trillion kyats) from 2021-26, $12.3 billion (16.4 trillion kyats) from 2026-31 and $17.6 billion (22.8 kyats) in the third phase from 2031-36 as stated in the 2018 Myanmar Investment Promotion Plan.