Service fees slashed half for investors amid Covid-19: MIC


By Nyein Nyein

Myanmar Investment Commission (MIC) slashes 50 per cent of service fees to a certain period from 10 April, DICA Director-General U Thant Sin Lwin said on 9 April.
“MIC will reduce service fees by half to a certain period from 10 April. The fees are charged to investors. The period will depend upon the Covid-19 consequences,” he highlighted.
“The DICA has prepared to extend the period until the end of Covid-19 crisis,” he added.
MIC shows its readiness to accept the projects regarding the production of the mask, pharmaceuticals and medical equipment, in responding to the activities of prevention, containment and treatment of Covid-19. Furthermore, to create jobs for residents, MIC is discussing with the related departments to prioritize and clear the proposals of the labour-intensive businesses and infrastructure projects, he stressed.
Besides, a committee to remedy the economic impacts caused by the Covid-19, led by MIC chairperson, was formed with nine members on 13 March. The working committee has been taking measures to provide loans and to relax the process and procedure of the respective departments.
In addition to the committee to remedy the economic impacts of the Covid-19 pandemic, the monitoring group to address the repercussions of the Covid-19 crisis has also been formed.
MIC and state/regional DICA offices are participating in the government’s loan programme for the businesses affected by Covid-19, he added.
“We have received 796 loan applications as of 7 April, and the entrepreneurs have sought K127 billion of loans,” he noted.
Regarding the loans, the respective evaluation team and the lending team will conduct the process in line with the procedures. They are implementing to give loans as soon as possible.
The concerted efforts exerted by the State and the respective associations will remedy the economic impacts hit by the Covid-19 to a certain extent, MIC stated. (Translated by Ei Myat Mon)

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