Myanmar’s State Council approves US$3.82 billion in foreign investment and US$651 million in domestic investment in the first year – QNT Press Release

Nay Pyi Taw, MM, Jan 27, 2022 – (ACN Newswire) – The Myanmar government said today that it has approved US$3.82 billion in foreign investment and US$651 million in the first year since the establishment of the State Administration Council (SAC). Dollar-equivalent domestic investment comes into office. The investment pledge underscores confidence in the country’s economic potential amid restoring stability to the country and efforts to boost vaccination rates to contain the COVID-19 pandemic.

The Ministry of Information (MOI) and the Ministry of Investment and Foreign Economic Relations (MIFER) have released the latest investment data for the country for the period from February 1, 2021 (when the announcement was made) to January 20, 2022.

The SAC was established on February 2, 2021, a day after it issued a proclamation after failing to address voter roll fraud and fraud in the November 8, 2020 elections and postponing parliamentary sessions. A state of emergency was declared under Article 417 of Myanmar’s 2008 Constitution.

Although the so-called People’s Defence Forces, with the explicit support of foreign powers, have destroyed public property, attacked government personnel and attempted to disrupt the domestic economy, by the second half of 2021, the SASAC had largely restored national stability.

Myanmar faces a second crisis, a health pandemic caused by an outbreak first detected in the country in March 2020. However, due to efforts to contain COVID-19, schools, universities have reopened and most business activities have resumed. So far, at least 60% of the country’s population (over 18) has been vaccinated.

MOI and MIFER said that of the 50 domestic (citizenship) investments approved in the past year, seven were service sector projects with an investment value of $427.34…