Submission of investment proposals to MIC unaffected by COVID-19

LOCAL NEWS

By Nyein Nyein

Submission of investment proposals to MIC is not affected by the outbreak of Covid19, said DICA Director-General U Thant Sin Lwin on 10 April.
“Myanmar Investment Commission (MIC) has granted priority to the investment proposals which can create job opportunities for local residents because MIC believes that the job opportunities and investment have a direct impact upon the country’s economy. There is no decrease in the submission of the investment proposals to MIC because of the pandemic and the recent business crisis,” he said.
Among the investment proposals, the industry and labour based businesses are given priority over other sectors. The permitted businesses intend to implement their ventures amidst the Covid19 outbreak. So, MIC has granted the permit to these businesses as soon as possible, he added.
“According to the MIC press release, the new investment proposals are being received despite this situation, and we are also issuing the permits for the implementation of the investment proposals.
Recently, MIC has granted new permissions to 18 enterprises worth over US$ 294 million. It is known that the new investments include the housing sector which will cause over $260 million of capital
to flow into the country,” he added.
Besides, the new proposals submitted to MIC include the garment enterprises and CMP. Currently, some of these businesses are having difficulty solving commercial disputes between the employers and the employees.
However, investors are still investing in this garment sector.
MIC is also preparing to accept the projects regarding the manufacturing of masks and pharmaceuticals in participation in the activities of prevention, containment and treatment of Covid19 as well as other projects which can support the health-related sector.
Besides, a committee to remedy the economic impacts caused by the Covid19 led by MIC chairperson was formed with nine members on 13 March. The committee has been taking measures to provide loans and to relax the strict procedures of the respective departments.
“At present, we have received 796 loan applications as of 7 April, and the entrepreneurs have hunted Ks 127 billion of loans,” he added.
Regarding the loans, the respective evaluation team and the lending team will conduct the process in conformity with the prescribed procedures. They are implementing tasks to be able to grant loans as soon as possible.
Concerted efforts exerted by the State and the respective associations will remedy the economic impacts hit by Covid19 to a certain extent, MIC stated. (Translated by Hay Mar)

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