MYANMAR Investment Commission (MIC) greenlit six new projects to put investments in power, manufacturing, hotels and tourism sectors at the meeting 3/2023 held on 2 October at Office No 18 in Nay Pyi Taw. Among them is the renewable energy project to generate electricity.
Those projects are to pump in US$72.98 million and K314.73 billion into the country and create over 2,600 jobs for locals. At the meeting, eight existing businesses were also allowed to expand capital.
Deputy Prime Minister General Mya Tun Oo, who is also Chair of the Myanmar Investment Commission, and commission members attended the meeting.
As of the end of August 2023, out of 52 foreign countries, Singapore, China and Thailand are the leading countries with the largest foreign direct investments in the country. Of 12 sectors, the power sector accounts for 28.45 per cent by drawing the largest investments, followed by the oil and natural gas sector (24.46 per cent) and the manufacturing sector (14.38 per cent).
Myanmar drew foreign direct investments of $484.155 million in the past five months (Apr-Aug), including expansion of capital by the existing enterprises, and the power sector topped the FDI line-ups, as per the statistics of the DICA.
The Myanmar Investment Commission gave the go-ahead to 31 foreign projects from seven countries in the past five months. Singapore ranked first with five enterprises in FDI amount, followed by China with 19 enterprises. Two enterprises each from the Republic of Korea and the USA put foreign investments in the country. One enterprise each from Hong Kong SAR, India and Samoa also made investments this year. The existing enterprises from Chinese Taipei, China, Hong Kong SAR, the ROK, Singapore and the UK also increased their foreign investments, the statistics showed.
The agriculture sector drew $2.578 million from three enterprises. Two enterprises put $317.178 million in the power sector. The manufacturing sector received $63.529 million of FDI from 26 projects, while the transport and communication sector attracted capital expansion of $77.82 million. Increased capital of over $23 million was pumped into the livestock and fisheries sector as well.
MIC ensures responsible businesses by assessing environmental and social impacts. The commission has been working together with the relevant departments to screen the project proposals and provide service for the investors under Myanmar Investment Law.