MIC greenlights 70 foreign projects worth $1.47 bln in ten months

The Myanmar Investment Commission nodded 70 foreign projects from eight countries in (April-January) of the current financial year 2022-2023. The country attracted a capital of US$1.476 billion this FY, including the expansion of capital by the existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
Those enterprises are engaged in agriculture, mining, manufacturing, electricity, hotels and tourism, real estate and service sectors respectively.
Singapore is the top source of FDI this FY, with 15 Singapore-listed enterprises pumping FDI of US$1.157 billion into Myanmar. Hong Kong SAR stands as the second largest investor this FY with an estimated capital of over $165 million drawn from 12 projects. China is ranked third in the investment line-up with more than $105.55 million from 36 projects.
Two each from the Republic of Korea and China (Taipei) put investments into Myanmar, while one enterprise each from Belize, Japan and the UK also made investments in the past ten months respectively. The existing enterprises from Bangladesh, Japan, Seychelles, China Taipei, China, Hong Kong SAR, the Republic of Korea, India, Thailand, the UK, Thailand, Switzerland and Samoa also increased investments.
Myanmar drew FDI of $647 million in the 2021-2022 mini-budget period (October to March), DICA’s statistics indicated.
The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country.
The Myanmar Investment Commission (MIC) ensures the approval of responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects as well.
MIC will prioritize manufacturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical supplies, agriculture and livestock farming and related industries and public transportation services for investments. — KK