9 more investment enterprises allowed in Burma

03-Aug-2019 Intellasia | Xinhua | 6:02 AM Print This Post

Myanmar Investment Commission (MIC) has recently allowed nine more investment enterprises from home and abroad, according to a release from the directorate of Investment Company Administration (DICA).

The enterprises were approved on Wednesday at the commission’s meeting led by MIC Chair U Thaung Tun, who is also the union minister of Investment and Foreign Economic Relations.

The allowed enterprises included foreign enterprises with 101.172 million US dollars’ investment capital and local enterprises with a capital of 110.7 billion kyats (73.8 million US dollars).

The investments entered the country’s manufacturing, livestock and fisheries, hotel and real estate sectors, creating 3,029 local employment opportunities.

From the fiscal year 1988-1989 to June 30 of the current fiscal year 2018-2019, a total of 1,752 enterprises were allowed with 80.89 billion US dollars so far, according to the DICA’s data.

During the period, the oil and gas sector attracted 27.72 percent of total investments, followed by power sector with 26.18 percent and the manufacturing sector with 13.82 percent, respectively.

Oil and gas, power and manufacturing sectors are in the top-three list with most foreign investments during the period.

Regionally, the Yangon region attracted 60 percent of investments from both home and abroad, followed by Mandalay with 30 percent and the rest flowed into other regions and states.

www.xinhuanet.com/english/2019-08/01/c_138275272.htm

 


Category: Regional

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