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MIC nods 35 foreign projects worth $1.2 bln in 5 months

LOCAL NEWS

The Myanmar Investment Commission gave green light to 35 foreign projects from six countries in the past five months (April-August) of the current financial year 2022-2023. The country attracted the capital of US$1.23 billion, including expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).
Those enterprises are engaged in agriculture, manufacturing, power, real estate and service sectors respectively.
Singapore is the top source of FDI this year, with 10 Singapore-listed enterprises pumping FDI of US$1.089 billion into Myanmar. Hong Kong SAR stands as the second largest investor this FY with an estimated capital over $70.239 million drawn by seven projects. China is ranked third in the investment line-up with more than $56.7 million from 15 projects.
One enterprise each from Belize, Japan and China (Taipei) also made investments in the past five months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India and Thailand also increased investments.
Myanmar drew FDI al 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.
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 as well.
From 1 February 2021, Thilawa SEZ has recorded capital expansions of $100 million from one new enterprise and the existing enterprises so far. The majority of them are put investments into cement and pharmaceutical manufacturing.—KK/GNLM

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