THE Myanmar Investment Commission, at a recent meeting, has approved investments of US$105 million from 10 foreign enterprises and endorsed two domestic investment projects with estimated capitals of K7.8 billion and $2.65 million.

Three businesses have been approved by the MIC and the proposals of seven enterprises were endorsed by the Yangon, Bago, and Ayeyawady investment committees. The investments will primarily flow into the manufacturing sector, followed by real estate and other services sectors. The projects are expected to create more than 3,150 jobs for local residents.

The manufacturing sector attracts the largest share of foreign investments in Yangon Region.

Those enterprises are engaged in manufacturing of pharmaceuticals, vehicles, container boxes, and garments on cutting, making, and packing (CMP) basis.

Meanwhile, the proposals of two domestic enterprises have been endorsed by the MIC.

The domestic projects will be executed in the manufacturing and other services sectors, creating 86 jobs.

Between 1 October, 2018 and 10 July, 2019, 207 foreign enterprises have obtained permits and endorsements to invest in Myanmar, pulling in a capital of $2.09 billion. Overall, foreign direct investments of $3.47 billion have flowed into the country so far, including expansion of capital by existing enterprises and investments of over $208.3 million in the Thilawa Special Economic Zone. During the same period, 128 domestic enterprises have invested $329.5 million and K923 billion in the country. Total domestic investments have exceeded $395.6 million and K1,141 billion, including expansion of capital. 

The Myanmar Investment Law allows regional and state investment committees to endorse local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million, with the aim of simplifying the verification of investment projects. — GNLM 

(Translated by Ei Myat Mon)