MIC ap­proves new projects worth $100 mil­lion

The Myanmar Times - - Business - HTIN LYNN AUNG htin­lyn­naung@mm­times.com

THE Myan­mar In­vest­ment Com­mis­sion (MIC) has ap­proved nine new projects in its fourth round of li­cens­ing since the new gov­ern­ment took power.

In the meet­ing, held last week, the com­mis­sion ap­proved four for­eign in­vest­ments worth US$62 mil­lion and five lo­cal in­vest­ments worth more than K32 bil­lion, ac­cord­ing to Direc­torate of In­vest­ment and Com­pany Ad­min­is­tra­tion (DICA) deputy di­rec­tor U Than Aung Kyaw.

In ad­di­tion to han­dling com­pany reg­is­tra­tions, DICA serves as a sec­re­tary to the MIC.

Since tak­ing power in April the gov­ern­ment has ap­proved 17 in­ter­na­tional in­vest­ments worth $222 mil­lion and K111 bil­lion across 14 lo­cal in­vest­ments, U Than Aung Kyaw told me­dia ear­lier this week.

“The nine projects ap­proved in the most re­cent meet­ing in­clude ho­tels and an elec­tric­ity dis­tri­bu­tion en­ter­prise,” he said. “The lo­cal in­vest­ments will cre­ate a to­tal of 2479 jobs for lo­cal work­ers and the for­eign in­vest­ments will cre­ate another 2521 jobs.”

Since 1988 only 1 per­cent of for­eign in­vest­ment has gone to the agri­cul­ture, live­stock and fish­eries sec­tor, he added.

From that year – when the gov­ern­ment first started record­ing for­eign in­vest­ment – un­til Au­gust 2016, more than $64 bil­lion has been pledged in 1121 for­eign di­rect in­vest­ment projects.

Of this, U Than Aung Kyaw said, just $535 mil­lion from 36 com­pa­nies has been pledged to the agri­cul­ture sec­tor and $249 mil­lion to live­stock and fish­eries.

At the MIC’s fourth meet­ing, lo­cal com­pany MSL In­dus­tries was given per­mis­sion to process fish and shrimp in Yan­gon, and was also ap­proved to op­er­ate a ware­hous­ing and lo­gis­tics busi­ness; Myan­mar Ease Net Com­pany was ap­proved to run an on­line e-visa Sys­tem; Nyi Naung Oo Com­pany to sell elec­tric­ity to Myawaddy eco­nomic zone and nearby vil­lages; and Di­a­mond Palace Ho­tels to build a ho­tel in Meik­tila.

In terms of for­eign in­vest­ments, Myan­mar Gigi Leather Goods Com­pany was ap­proved to run a hand­bag and ac­ces­sories fac­tory in Shwe Pyi Thar in­dus­trial zone; Run­ning­tex Com­pany to build a cut-make-pack gar­ment fac­tory in Hlaing Thar­yar in­dus­trial zone; Maxxcare to op­er­ate a ware­hous­ing and lo­gis­tics com­pany in Min­gal­adon town­ship; and Pun Hlaing Lodge Ho­tel Man­age­ment re­ceived per­mis­sion to build a five-star ho­tel at Pun Hlaing Golf Es­tate in west­ern Yan­gon.

– Trans­la­tion by Khant Lin Oo

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.