The Myanmar Investment Commission (MIC) along with the Japan International Cooperation Agency (JICA) will jointly review the MIPP, affected by the coronavirus crisis, to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era reported State media.
The objective of MIPP is to encourage responsible and quality investments necessary for Myanmar to become a middle-income country by 2030 and to pursue subsequent further growth until 2035, through the fundamental improvement of the business environment.
Within the MIPP, Myanmar had a target of reaching foreign direct investment (FDI) of USD 5.8 billion for the 2020-2021 fiscal year, however, it reached only USD 5.68 billion owing to the COVID-19 negative impacts.
The targets then increase to USD 8.5 billion/year for the period from 2020-21 to 2025-26, USD 12.3 billion from 2026-2027 to 2030-2031, USD 17.6 billion from 2031-2032 to 2035-36.
In total, the country expects to attract foreign direct investments of over USD 200 billion in 20 years, said U Thaung Tun, Union Minister for Investment and Foreign Economic Relations.