MIC okays four foreign investment permits with over 10.000 job opportunities this week

Myanmar Investment Commission holds the press conference in Yangon.  Photo:MNA
Myanmar Investment Commission holds the press conference in Yangon.  Photo:MNA

Myanmar Investment Commission-MIC approved four foreign investment permits and 17 endorsement process in this week, amounted to over US$ 310 million with 10,102 job opportunities.
The announcement came at the MIC’s meeting 1/2020 yesterday at the office of Directorate of Investment and Company Administration in Yangon.
At the press conference held following the meeting, U Thant Sin Lwin, Secretary of Myanmar Investment Commission, Director General of Directorate of Investment and Company Administration gave details the facts related to permitted enterprises and endorsement enterprises under Myanmar Investment Law and the press statement (1/ 2020) was distributed.
In addition, he also highlighted that the CNTIC VPower KY3 Limited will operate a 100% foreign owned investment in Kyaukpyu Township, Rakhine State and the project will generate 658.8 million kilowatt-hours of electricity, 20 per cent of the output will be distributed to the local people in Rakhine State and the remaining 80 per cent will be distributed to the National Grid.
The period from October 1 to 10 January of this 2019-2020 financial year has allowed foreign investment amounted to US $ 1,546.94 mln and Myanmar citizen Investment amounted to Kyat 716,451.284 mln including US $ 128.400 mln.
By the end of November 2019, the countries with the largest investment in Myanmar were Singapore, the People’s Republic of China, Thailand, Hong Kong and the United Kingdom. The top sector is Oil & Gas sector, accounted for 27.04%, followed by the Power sector, accounted for 26.15% and manufacturing sector, accounted for 14.01% of the total permitted amount of foreign investment.
A total of 12 reporters from 10 local and international media attended the press conference.—GNLM

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