MIC clears investments of $91.46 mln from 25 foreign firms, K69.7 bln from 9 local cos

LOCAL NEWS

By Nyein Nyein

The Myanmar Investment Commission (MIC), at a recent meeting, approved and endorsed investments of US$91.46 million from 25 foreign enterprises along with nine domestic investment projects with estimated capitals of K69.7 billion and $19.34 million.
Four foreign businesses were given the go-ahead by the MIC and the proposals of 21 foreign enterprises were endorsed by the Investment Committees of Yangon, Ayeyawady, and Bago regions. The investments will flow into the hotel, livestock and fisheries, manufacturing, and other services sectors. The projects are expected to create more than 14,000 jobs for local residents.
Meanwhile, the proposals of two domestic enterprises were approved by the MIC and seven projects were endorsed by the Investment Committees of Yangon Region, Ayeyawady Region, Taninthayi State, Mon State, and Nay Pyi Taw. The domestic projects will be executed in the manufacturing, hotel, agriculture, and other services sectors, and create over 2,700 jobs.
To simplify the verification of investment projects, 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. (Translated by Ei Myat Mon)

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