MIC greenlights 10 new investment projects creating 7,640 employments

I N a significant boost to Myanmar’s economy, the Myanmar Investment Commission (MIC) has greenlit to ten new investment projects, with a major focus on the power sector, during its meeting on 24 July 2023. The approved projects, which also span industries like electricity, hospitality, tourism, livestock and fishery, are set to attract a total investment of US$446.58 million and K254,951.442 million.

These groundbreaking initiatives are projected to create an impressive 7,640 job opportunities, offering much-needed employment prospects for the country’s growing workforce. Furthermore, the MIC has also granted permission to increase the capital for ten ongoing investment projects.

Operating under the framework of the Myanmar Investment Law, the commission plays a vital role in evaluating investment proposals from both local and foreign investors while providing valuable services to existing investors.

As of June 2023, Myanmar has drawn investments from 52 countries, with Singapore, China, and Thailand leading the pack as the top three investing nations. Notably, the power sector has emerged as the most attractive investment destination, accounting for 28.25 per cent of the total investment inflow, closely followed by oil and gas at 24.59 per cent, and the industrial sector at 14.39 per cent. These statistics underscore the immense potential and promise that Myanmar holds for international investors across various business sectors.

The latest approvals reflect the country’s commitment to fostering a conducive investment climate and accelerating economic growth. As Myanmar continues to open up to foreign investors and businesses, the future seems promising, with the power sector poised to remain at the forefront of the nation’s development journey.

ASH/ KTZH

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