MIC approves new projects worth $100 million
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