By Kyaw Ye Lynn
YANGON, Myanmar (AA) - Foreign direct investment (FDI) in Myanmar is expected to increase dramatically in June after the government announced Thursday the formation of a new investment commission following a two-month break.
The Ministry of Information said in a website posting that the president’s office has formed a new 11-member commission, after the old members’ terms finished at the end of March when the National League for Democracy (NLD) government took over.
With the commission responsible for approving major local and foreign investment proposals, FDI flow had subsequently stalled in April and May.
Aung Naing Oo, Director General of the Directorate of Investment Company Administration (DICA), told Anadolu Agency by phone Thursday that "about 100 proposals are awaiting approval from the new commission.”
Most are for garment and fishery product manufacturing, he added.
Myanmar's FDI has been on the rise since 2011, with foreign investors pursuing untapped opportunities with the military (which ruled from1962-2010) gradually relinquishing power.
According to the DICA, Myanmar approved FDI in the 2015-16 fiscal year -- ending March -- of $9.481 billion, the highest figure since 2010.
Myanmar received $63.718 billion in foreign direct investment from 45 countries between 1988-2016, with China its top investor ($18.072 billion).
The NLD government has said foreign investment is key to economic growth, and pledged better transparency in order to attract job-creating investments.