Twelve local and foreign enterprises permitted to invest US$86.531million

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Workers seen on a production line at a garment factory in Hlinethaya.

A total of 12 local and foreign enterprises have received permission to invest US$86.531million in Myanmar, according to a meeting held by the Directorate of Investment and Company Administration (DICA) on 17th December.
Six local investment businesses and six foreign businesses were permitted to make investments in Myanmar, according to a Myanmar Investment Commission meeting held on 19th December.
Out of 12 permitted enterprises, most of them will invest in garment enterprises. The foreign investments are from China, Hong Kong and South Korea, said U Aung Naing Oo, the director-general of DICA.
The permitted six foreign enterprises will make investments of US$24.560million in the industrial enterprises, creating 4,201 job opportunities, it is learnt.
Meanwhile, six local enterprises are permitted to invest US$61.971million in two industrial enterprises, one real estate development project, two hotels and tourism projects and one service business, creating 1,195 jobs.
Myanmar Investment Commission approves the investments proposals only after making assessments of the proposals to check if they meet the set criteria: creating job opportunities, increasing revenue, ensuring prevention from environmental impact etc.
There are a total of 78 foreign enterprises with investments of US$2,146.934million and 37 Myanmar Citizen investment projects with investments of US$518.506million as of 19th December in this fiscal year.

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