Myanmar Investment Commission approves investment proposals including shrimp farming processing and cold storage in Taninthayi Region

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U Thaung Tun, Chairman of Myanmar Investment Commission and Union Minister for Investment and Foreign Economic Relations presides over the regular meeting of the commission via videoconferencing on 10 July 2020. PHOTO:MNA

The Myanmar Investment Commission (MIC) held a regular meeting on-line, this morning. The meeting was chaired by Union Minister U Thaung Tun, Chairman of the MIC. Members of the Commission participated in the meeting from their respective offices in Nay Pyi Taw and Yangon. The meeting approved 8 new projects in the livestock, manufacturing, oil and gas and other sectors as well as additional investments in 9 existing projects. The approved projects amounted to USD 135.144 million and Kyat 54.115 billion. The projects are expected to provide 2,008 job opportunities. Among the new projects approved by the meeting is a USD 115 million shrimp farm and cold storage facility in Taninthayi Region. The project is expected to create over 1,000 jobs.
Notwithstanding COVID-19, both local and foreign investments continue to show interest in Myanmar. Singapore, the People’s Republic of China and Thailand head the list of countries that have invested in Myanmar in the current fiscal year. Investment in the power sector accounted for (26.52%). This was followed by the oil & gas sector (26.44%) and the manufacturing sector (14.28%) of the total permitted amount of foreign investment.—MNA

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