State/Region committees approve over 280 local investments in three and a half years since enactment of Myanmar Investment Law

Region and State Committees have approved over 280 local investments in three and a half years since the enactment of Myanmar Investment Law, according to the Directorate of Investment and Company Administration (DICA).
Myanmar has attracted more than K618,389.881 million of investment from the approved local enterprises of 283.
After the Myanmar Investment Law came into force, the investment committees endorsed 37 local enterprises in 2017-2018 financial year with an estimated capital of K66,786.656 million, 62 projects worth K126,969.101 million in the 2018 mini-budget period (April to September), 114 businesses with K 232,735.482 million in the 2018-2019FY and 70 businesses with K191,898.642 million in the 2019-2020FY.
In three and a half years, the Yangon region stood the highest in terms of investment, followed by the Sagaing region and Ayeyawady region. Besides, Chin State, Nay Pyi Taw, Shan State, Rakhine State and Bago Region have attracted lower investments of the approved local investments, according to the statement of DICA.
According to the newly enacted Myanmar Investment Law, the Region and State Investment Committees have approved the investment proposals which are worth not more than US$ 5million (K6 billion) without having to seek permission from MIC.
However, the facts and figures of the businesses permitted by the Region and State Committees will have to be reported to MIC to ensure more accurate and comprehensive statistics. (Translated by Hay Mar)

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