THE Myanmar Investment Commission, at a recent meeting, approved investments of US$44.8 million by 14 foreign enterprises, and endorsed 16 domestic investment projects with estimated capital of K132.3 billion including $55.39 million, during a MIC meeting held on 29 May.
The foreign enterprises will invest in Yangon, Mandalay, Magway, Bago regions, and Mon State. Prior to being approved by the MIC, their proposals were endorsed by the Investment Committees of the respective regions and state. A majority of the investments will flow into the manufacturing sector. Two of the foreign projects are engaged in the transportation and hotel sectors. Those permitted 16 foreign enterprises are expected to create 7,789 jobs for local residents.
Meanwhile, 16 domestic enterprises will invest in Yangon, Mandalay, Sagaing, and Taninthayi regions, and Kayin and Mon states. Their proposals have been endorsed by the MIC and the Investment Committees of the respective regions and state. The domestic projects will be involved in the transportation, manufacturing, real estate, livestock and fishery, and other service sectors, creating over 1,277 jobs.
The Myanmar Investment Law allows the Regions and States Investment Committees to endorse local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million, with the aim to simplify the verification of investment projects. — GNLM (Translated by Ei Myat Mon)