MIC approves US$290 mln port, container yard development project last Friday

THE Myanmar Investment Commission (MIC) recently gave the green light to one project for the development, operation and maintenance of the Ahlon International Port Terminal and container yard on a build, operate and transfer basis, with an estimated initial capital investment of US$ 290.124 million, according to the MIC.

The project is a wholly foreign owned investment from Singapore, which is expected to create 1,176 job for local residents.

Furthermore, the 22 foreign and 12 domestic projects received permits and endorsements at a meeting of the Myanmar Investment Commission (MIC) held in early April.

Between 1 October, 2018 and 5 April, 2019, 147 foreign enterprises received permits and endorsements, bringing in capital of $1.38 billion. Overall foreign direct investments of $2 billion flowed into the country, so far, including expansion of capital by existing enterprises and investments of over $121 million in the Thilawa Special Economic Zone.

According to the Myanmar Investment Law, the Regions and States Investment Committees are allowed to grant permission to local and foreign proposals when the initial investment does not exceed Ks6 billion, or $5 million, with an aim to assist the verification process of investment projects. — GNLM (Translated by Ei Myat Mon)