Jan 12, 2014

MIC allows Telenor and Ooredoo full foreign investment

Myanmar Investment Commission (MIC) has allowed the two license winners, Telenor and Ooredoo, the telecommunication giants from Norway and Qatar, with 100 percent investment, sources say.

MIC gave the permission during the 1/2014 meeting held at Nay Pyi Taw on Wednesday. The proposals submitted by both companies are handed down to MIC by Ministry of Communications and Information Technology.

Both companies [Telenor and Ooredoo] have already opened branch offices in Myanmar. Qatar based Ooredoo announced to make more than US$15 billion investment and Norway based Telenor hasn’t announced its investment yet.

Ooredoo is planning to install 3G network in rural areas in addition to big towns and Telenor has also planned to construct telecommunication infrastructure across the country.

Ooredoo has expanded its telecommunication network to Kuwait, Oman, Algeria, Tunisia, Palestine and Maldives in addition to Qatar. In 2012, they have 92 million subscribers using its network across the world and earned US$9.3 billion.

Telenor Group is one of the world's largest mobile telecommunications companies with operations in Scandinavia, Eastern Europe and Asia and has 161 million Telenor users over the world.

Source: Eleven Weekly Media