Malaysian developer Berjaya Land will invest USD 624 million into a low-to-middle income housing project in Yangon. According to company chief executive Datuk Pee Kang Seng, speaking to reporters at the Malaysia-Myanmar Connect (MMC) seminar in late August, the 74-hectare development will be completed in phases over the next six years. The project is slated for 10,000 housing units and 1.2 million square feet of retail space.

The upcoming development was not the only project discussed by Malaysian investors at the MMC event. It was attended by more than 100 companies. According to Gilbert Lee, president of the Malaysian Myanmar Business Chamber (MMBC): “Malaysian businesses are keen to invest in sectors such as technology, construction, manufacturing, and service in Myanmar. They showed extra interest in agriculture-based businesses.”

Myanmar and Malaysia have has some political tension in recent years as thousands of Muslims from Rakhine State have sought refuge from Malaysia. A problem some have blamed on Myanmar’s mistreatment of the ethnic minority. Nevertheless, Lee argued that the bleak media image of Myanmar portrayed does not represent the investment opportunities for Malaysian companies. He encouraged Malaysian investors to tour Myanmar and see for themselves.

Oil and gas, manufacturing, transportation and telecommunications, hotel and tourism, real estate, agriculture, livestock and fishery are the most common sectors for Malaysian investment, according to data reported by The Myanmar Times. Malaysia is the 10th largest source of foreign direct investment in Myanmar. Investments amounted more than USD 1.9 billion during the last fiscal year.