Foreign Investment To Be Increased In 2018 Housing Sector

Government Employees’ Housing project and New Yangon City project will increase the access of foreign investment to the country’s real estate sector, said U Aung Naing Oo, secretary of the Myanmar Investment Commission.

Foreign investment may increase in the real estate sector as the foreigners are allowed in certain ownership in accordance with the new condominium law and the Yangon regional government invites infrastructure-related investments, he said.

Within two years, 4,627 units of apartments for civil servants have been implemented by the government and the remaining 7,000 plus units of apartments are going to be constructed in next three years, according to the New Year’s greetings by the President U Win Myint.

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In 2017-18 fiscal year, more than US$ 1.2 billion of foreign investment (20 percent of total foreign investment) has accessed to the country’s real estate sector. In 2017-28 fiscal year, the total access of foreign investment is US$ 6 billion plus.

“We expect to increase in the access of foreign investment to real estate sector compared to last year”, said U Aung Naing Oo, secretary of the Myanmar Investment Commission. In addition, US$ 3.4 billion of foreign investment will access in six months of fiscal transition, he estimated.

“The Yangon region government receives enquiries from foreign investors, and some are heavy enterprises with many affiliated companies. We will focus on those enterprises within three years. We will suggest new industrial zones and provide information on the labor market situation. The effort to enhance foreign investments is the first priority of the Yangon region government,” U Phyo Min Thein said at the 16th regular meeting of Vice President U Myint Swe with Myanmar entrepreneurs last Monday at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

The Yangon regional government will suggest new industrial zones and provide information on the labor market situation. The effort to enhance foreign investments is the first priority of the Yangon region government, he added.

In a bid to boost foreign investments including Yangon New City Project, the Yangon Investment Forum 2018 is going to be held on May 9 by the Yangon regional government.

Credit: 7Daydaily
Translated by: iMyanmarHouse.com