Large mining enterprises to be allowed to invest in 2020: DICA

Underground mining workers work in a tunnel.  Photo: Supplied
Underground mining workers work in a tunnel.  Photo: Supplied

Large mining enterprises will be allowed to invest in the country in 2020, said U Thant Sin Lwin, director-general of the Directorate of Investment and Company Administration (DICA).
“The big players from the mining sector remained to be granted permission to invest in the last fiscal. When we grant permission to these mining enterprises, the related ministries need to make sure that they are eco-friendly and do not cause much waste,” he said.
“Next year, the mining enterprises will be granted permission to invest in Myanmar. We’ve already said that they must be from the mining sector. Related to this, the ministries concerned are scrutinizing the application process. It has taken more than two months to do so. We have permitted only one giant mining enterprise and it will make large investments involving astronomical figures. So, we are assuming that this sector will develop,” said U Thant Sin Lwin.
“Currently, the government is encouraging investments in the electricity sector. So, the Ministry of Electricity and Energy will grant permission to businesses related to natural gas to generate electricity. Nowadays, investments are flowing regularly into the construction and manufacturing sectors,” he added.
From 1988 to the 2019-2020 fiscal, investments of US$2.374 billion flowed into Myanmar through 16 projects in the mining sector, while over $15 billion was invested through 21 projects in the electricity sector, according to official statistics provided by the DICA.
“If the offshore oil and gas industry is granted permission to invest in Myanmar, more foreign direct investment (FDI) is likely to enter in this fiscal,” said U Thaung Tun, the Union Minister for Investment and Foreign Economic Relations, at the 30th regular meeting between the private sector development committee and entrepreneurs, held on 19 October at the Union of Myanmar Federation of Chambers of Commerce and Industry office.
“The Ministry of Investment and Foreign Economic Relations is inviting responsible investments as they can bring about national development. Therefore, the Myanmar Investment Promotion Plan (MIPP) has been formulated with the assistance of JICA. In the next 20 years, over $200 billion in foreign investment is targeted to enter Myanmar under the MIPP,” said U Thaung Tun.
The Myanmar Investment Commission (MIC) has set an FDI target of $5.8 billion for this financial year. (Translated by Hay Mar)

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