MRIC endorses seven domestic projects as of 1 July

July 09

 

THE Mandalay Region Investment Committee (MRIC) has endorsed seven wholly domestic projects so far in the current financial year 2020-2021, according to the DICA’s monthly update on endorsement investment.

 

The domestic projects brought in the capital of K17.7 billion, mostly into the manufacturing and hotel sectors, as per the DICA’s statistics.

 

These projects will create 537 job opportunities for Myanmar citizens.

 

Under the Myanmar Investment Law which was enacted in 2017, the Myanmar Investment Commission has delegated the power to endorse investment projects to the region and state authorities to promote the investment business. The Mandalay Region Investment Committee was formed to allow local and foreign investors to invest in the region.

 

According to the statistics released by the Directorate of Investment and Company Administration, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states get only a small share of investments.

 

The MRIC has endorsed about 80 foreign projects from more than 16 countries and over 180 domestic proposals since its establishment until early July 2021.

 

The foreign projects pulled in a capital of over US$4.43 billion, which flowed mostly into manufacturing, power, and other services sectors, while domestic businesses pumped in more than K5,255.96 billion, especially in infrastructure building, manufacturing, hotel services and other services sectors, the DICA’s statistics showed.

 

To simplify the verification of investment projects, the Myanmar Investment Law allows the Region and State Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. – Htet Myat/GNLM