Aug 10, 2016

MIC Approves 11 New Investments, Total Reaches $92 Million

The Myanmar Investment Commission (MIC) has approved 11 local and foreign investment proposals in the second wave of approvals by the new government.

The MIC initially approved eight investment proposals on June 27 with a combined investment of $3 million and the recent round of approval raised the investment amount to $92 million.

“We have received 100 proposals from local and foreign investors. We have approved some companies that matched with our rules and regulations. More approvals are under scrutinising process. Following meetings will deal with larger investment amounts,” deputy director general U San Myint told Myanmar Business Today.

The second wave of approvals includes six foreign direct investment proposals, five citizen’s investments and one joint-venture investment.

Among the total investment amount of $2 billion submitted to MIC, China has invested the most, followed by Singapore and Hong Kong.

MIC approves investment proposals based on recommendations and comments from concerned state and regional government officials and relevant union ministers.

According to the MIC, the 19 investment proposals will provide 8,776 job opportunities.

Source: Myanmar Business Today