MIC gives nod to 45 foreign proposals this FY

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Buildings of industries are mushrooming in Thilawa special Economic Zone in Yangon Region.

Myanmar has attracted foreign direct investment of more than US$3.767 billion in the past ten months of the 2020-2021 financial year from 45 enterprises, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, according to the Directorate of Investment and Company Administration (DICA).
The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
The Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects.
In May, the UK-listed enterprise brought in large investments of $2.5 million and became the top source of FDI in Myanmar in the past nine months, DICA’s statistics indicated.
Japan stood as the second largest investor this FY with estimated capital of $518.76 million from three projects, followed by Singapore investing $428.336 million in Myanmar.
Those enterprises listed from Brunei, China, Thailand, India, Malaysia, Republic of Korea, Viet Nam, Marshall Island, Samoa, Hong Kong (SAR) and China (Taipei) also made investments this year.
Of 45 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 July of the current FY, 24 enterprises pumped FDI into the manufacturing sector. Electricity sector received six large project and livestock and fisheries sector attracted six projects. Other service sector drew five projects while agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors.
The FDIs stood at $6.9 million from 158 enterprises in the FY 2016-2017, $6.119 billion from 234 businesses in the FY 2017-2018, $1.94 billion from 89 projects in the 2018 mini-budget year, $4.5 billion from 298 businesses in the FY 2018-2019 and $5.689 billion from 253 businesses in the FY 2019-2020 respectively, the DICA’s data indicated.
Those enterprises created over 96,000 jobs in the FY 2016-2017, 110,000 jobs in the FY 2017-2018, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the FY 2018-2019 and 210,000 jobs in the FY 2019-2020 respectively.—MM/GNLM

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