MIC receives over $3 bln worth 24 FDI proposals for current FY

LOCAL NEWS

By Nyein Nyein

Twenty-four foreign investment proposals, with an estimated capital of over US$3 billion, have been so far submitted to Myanmar Investment Commission (MIC) for the current financial year 2020-2021, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA). “For the current FY, MIC is reviewing 24 proposals and discussions are ongoing.
The FDI proposals are worth $3.5 billion”, said U Thant Sin Lwin. Those businesses were submitted to MIC in the last FY2019-2020. However, those project proposals required MIC permit as they have large capital investments. We need to assess the projects which are strategic to the government, he continued. “Some enterprises might bring benefits to the country, but some requires to pass the assessment of the commission as they are strategic to the Union. The project proposals are also to be forwarded to the ministry concerned and the relevant committee to assess. Those businesses, with
large capitals, possible impacts on the environment and the local community, vast areas of land, are designated by the government to need MIC permit,” the DICA director-general said. MIC intends to reach the FDI target of $5.8 billion for the current FY2020-2021.
The country fell short of the FDI target of $5.8 billion in the 2019-2020 financial year due to the COVID-19 impacts, registering FDI inflows of only $5.68 billion, according to data from the DICA. Therefore, MIC will critique the Myanmar Investment Promotion Plan (MIPP). The commission and Japan International Cooperation Agency will jointly review the MIPP due to the coronavirus crisis, to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era, he confirmed. (Translated by Ei Myat Mon)

 

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