Between 1 October, 2018 and 28 June, 2019 in the current fiscal year, domestic investments by Myanmar citizens reached K1,333 billion and US$393 million, including expansion of capital by existing enterprises, according to a press release issued by the Myanmar Investment Commission.
During the nine-month period, 126 local enterprises were allowed to invest in various sectors, with estimated capital of over K915.18 billion and $326.8 million.
The investments flowed into the real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to figures from the Directorate of Investment and Company Administration.
At a recent MIC meeting, 13 domestic enterprises with estimated capitals of K73.9 billion and US$17.6 million received MIC permits and endorsements from the investment committees of Yangon, Mandalay, Ayeyawady, and Sagaing regions. The companies will execute projects in the manufacturing, hotel businesses, and other services sectors, creating over 2,500 jobs.
To simplify the verification process of investment projects, the Myanmar Investment Law allows the Regions and States Investment Committees to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.
While some projects no longer need MIC approval, businesses that are strategic to the government require a permit from the commission. In addition, those businesses that have large capital investments exceeding $5 million and may have a possible impact on the environment and the local community need to be approved by the DICA proposal assessment team.
With a fast-track way to set up a business in Myanmar having been introduced, investors can apply to the MIC or the State and Regional investment committee for endorsing investment proposals, depending on the business type. — GNLM / (Translated by Ei Myat Mon)
