Sagaing Region Investment Committee endorses over 30 businesses as of May-end

LOCAL NEWS

The Sagaing Region Investment Committee (SRIC) has endorsed over 30 domestic proposals, with an estimated capital of over K17 billion and about US$3 million, and $1.3 million worth one joint venture so far, according to the data released by the Directorate of Investment and Company Administration (DICA).
Those enterprises are engaged in the water park and garden; cultivation and manufacturing of crops; crops drying, categorizing and rice milling and processing activities; manufacturing and marketing of concrete pillar; manufacturing of motorcycle parts and accessories; manufacturing of special bamboo furniture; hotel services; packing and wrapping equipment supplier; processing and packaging of sugar cane mud; and private school.
The committee also discussed investment matters and endorsements concerning one foreign project and two domestic proposals at the meeting held on 16 June.
According to the Myanmar Investment Law, the Regions and States Investment Committees are allowed to grant permissions to local and foreign proposals, where the initial investment does not exceed Ks6 billion, or $5 million to simplify the verification process of investment projects.
Some projects are no longer need Myanmar Investment Commission (MIC) approval while some businesses that are strategic to the government require MIC permit. Also, those businesses that have large capital investments exceeding $5 million and possible impact on the environment and local community need to pass DICA proposal assessment team. Having introduced a fast-track way to set up a business in Myanmar, investors can apply to the MIC or the State and Regional investment committee for an Endorsement of an investment proposal depending on business types. — Ko Khant (Translated by Ei Myat Mon)

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