Jun 30, 2014

Myanmar’s domestic investment reaches nearly US$5 billion

As of May, the domestic investment has amounted to almost $5 billion and the majority of projects are in manufacturing and construction sectors, according to the Directorate of Investment and Company Administration.

Local investors usually channel their capital to agriculture, livestock and aquaculture, mining, manufacturing, energy and related businesses, transportation, hotel and tourism, real estate and construction sectors.

Domestic investment has funded 982 firms. Manufacturing ranks first with locally-invested funds amounting to $1 billion, followed by construction ($800 million) and hotel and tourism ($700 million).

Myanmar has 38,162 local firms registered, 3,032 foreign-based companies and 73 joint ventures formed with foreign companies.

For permission and privileges from Myanmar Investment Commission, local investors are obligated to apply at MIC office in Nay Pyi Taw or at its sub-unit in Yangon.

The MIC’s Proposal Assessment Team would conduct a weekly meeting to review and approve investment projects. The respective local governments would be asked to submit their views and recommendations before the MIC’s final conclusion on each project.

Source: Eleven Weekly Media

 
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