MIC clears investments of $84.17 mln from 17 firms, K12 bln from two local enterprises

LOCAL NEWS

The Myanmar Investment Commission (MIC), at a recent meeting, approved and endorsed investments of US$84.17 million from 17 foreign enterprises, along with two domestic investment projects with estimated capitals of K12 billion and $4.27 million.
The 17 foreign businesses were given the go-ahead by the MIC, and the proposals of 15 foreign enterprises were endorsed by the regional Investment Committees of Yangon and Bago. The majority of investments will flow into the manufacturing sector, while electricity and real estate sectors have attracted one project each. The projects are expected to create over 8,500 jobs for local residents.
Meanwhile, the proposals of two domestic enterprises were approved and endorsed by the MIC. The domestic projects will be executed in the manufacturing and power sectors, and create over 80 jobs.
The Myanmar Investment Law allows regional and state Investment Committees to endorse local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million, with the aim of simplifying the verification of investment projects. — GNLM (Translated by Ei Myat Mon)

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