Domestic investments touch K1,084 bln, $233.47 mln in current fiscal year

LOCAL NEWS

Domestic investments by Myanmar citizens, including expansion of capital by existing enterprises, reached K1,084 billion and US$233.47 million as of 6 March in the 2019-2020 financial year, according to a press statement issued by the Myanmar Investment Commission (MIC).
Between 1 October and 6 March in the current fiscal, 62 local enterprises were allowed to invest in various sectors, with estimated capitals of over K812.9 billion and $151.56 million.
Domestic investments flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to the Directorate of Investment and Company Administration (DICA).
To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to endorse local and foreign proposals,
where the initial investment does not exceed K6 billion, or $5 million.
While some projects no longer need MIC approval, businesses that are strategic to the government require a permit from the commission. In addition, those businesses that have large capital investments exceeding $5 million and that may have a possible impact on the environment and the local community need to be approved by the DICA proposal assessment team.
With a fast-track way to set up a business in Myanmar having been introduced, investors can apply to the MIC or the state and regional Investment Committees for getting investment proposals endorsed, depending on the business type.—GNLM (Translated by Ei Myat Mon)

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