MIC grants permits, endorsements for nine foreign enterprises

A total of nine permits and endorsements of foreign enterprises with a capital of US$117 million were recently approved at the Myanmar Investment Commission (MIC) meeting (10/2018) held on 26 July.
The foreign enterprises were granted permits and endorsements by the Myanmar Investment Commission and the Yangon Region Investment Committee, creating 4,237 local employment opportunities. The existing foreign investments also led to the recruitment of 2,761 new employees. They will be engaged in manufacturing, livestock and fishery, real estate development, industrial zones and other sectors.
A total of 53 foreign enterprises received permits and endorsements, bringing in a capital of $442.7 million as of July in the current six-month interim period (April to September) prior to the next fiscal year 2018-2019. Overall, foreign direct investments of over $1 billion flowed into the country so far, including increased investments and investments of over $171 million in the Thilawa Special Economic Zone.
Meanwhile, 15 domestic enterprises with estimated investments of $32.16 million (Ks82 billion) were also approved last week by MIC and the respective investment committees of Shan and Kayah states and Yangon, Sagaing and Magway regions. They will be operating in manufacturing, hotels, livestock and fishery, agriculture and other sectors, creating over 1,349 job opportunities for local residents.
A total of 65 domestic enterprises made investments of $167 million (Ks783 billion) over the four months. Total domestic investment flow exceeded $168.4 million (Ks813 billion), with increased investments.
MIC will facilitate investments and make progress faster than ever before, starting this month. It will also hold investment promotion fairs in states and regions, raising awareness over investment laws. MIC will also link with international commercial attachés and the International Chambers of Commerce in Myanmar, promoting the investment opportunities of each region.
At present, 60 per cent of foreign investments are in the Yangon Region. Mandalay attracts 30 per cent of investments. Other regions and states attain only a small portion of investments, according to the statistics released by the Directorate of Investment and Companies Administration.

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