Myanmar approves 7 local, foreign investment enterprises

Myanmar Investment Commission (MIC) recently approved seven investment enterprises from home and abroad, local media quoted the Directorate of Investment and Company Administration (DICA) as saying on Sunday.

The enterprises, which will create over 3,662 job opportunities for Myanmar citizens, were permitted at the commission’s recent meeting.

With investment capital of 462.6 million U.S. dollars and 73.2 billion kyats (54 million U.S. dollars), the permitted enterprises engaged in the country’s manufacturing, property, hotel and tourism and other services sectors, respectively.

Singapore, China and Thailand were top leading investors in Myanmar as of June 30 of this fiscal year (FY) while the country has attracted foreign investment in 12 sectors from 51 countries.

Meanwhile, power, oil and gas and manufacturing sectors were the top three sectors in the list with most foreign investments.

From FY 1988-89 to June 30 of FY 2019-20, the foreign investments in 2,033 permitted projects have reached over 86.1 billion U.S. dollars in the country.