MIC allows nine additional FDI

Writer: 
Zeyar Nyein

 

Myanmar Investment Commission allowed nine additional foreign investments worth around US$ 120 million, according to a press conference on July 30.

Nine FDI granted by the MIC are curtailed to five in the industry sector, one in livestock and fishery sector, one in housing sector and one other sector.

Than Aung Kyaw, Deputy Director-General of Directorate of Investment Company Administration said: “There are nine foreign investments worth US$ 117.034 million—four proposals by the MIC and five by Yangon Region Investment Committee.”

These FDI can create more than 4,000 new jobs for citizens.

From April to July of this fiscal year, the total foreign investments from 53 companies including the inflow of FDI into Thilawa Special Economic Zone exceeded US$ 1,000 million, according to the MIC.

During the fiscal year from April to September, the total FDI is expected to hit over US$ three billion.