Traffic going around the Sule pagoda in downtown Yangon, Myanmar. (Photo: AFP)

Hanoi (VNA) – Myanmar aims to attract 140 billion USD in foreign direct investment (FDI) by 2030, according to its new economic development plan.

From 1988 to March 2016, the country only granted permits to 63.7 billion USD worth of FDI projects.

The plan takes into account the expectation that the United States would restore the generalised system of preferences (GSP) to the country this year. Thanks to the GSP being reinstated by the European Union for Myanmar in 2013, a number of foreign companies have established plants in the country.

According to the plan, annual FDI is expected to be six billion USD between 2017 and 2020 and will be raised to eight billion USD from 2021 to 2030.

For the 2017-2020 period, the country will give priority to developing industry, taking advantage of its membership in the ASEAN Economic Community (AEC) and attracting FDI.

Strategies for 2021-2030 will focus on sustainable development, assisting businesses, and boosting industry and infrastructure development.

The Myanmar Directorate of Investment and Company Administration (DICA) revealed that FDI in the country set a record high at 9.48 billion USD in the 2015-2016 fiscal year, up nearly 50 percent from the 6-billion-USD target.

Singapore is currently its biggest investor with 4.3 billion USD poured into 55 projects, followed by China with 3.3 billion USD.

Myanmar and the US governments will resume GSP discussions between June and July.-VNA