MIC approves citizen investment of over K968 bn in more than five months

Writer: 
Nilar

Myanmar Investment Commission (MIC) approved a total investment of K968.866 billion made by local citizens in regions and states across the country from April to earlier this month, but the amount has declined by over K500 billion compared to the same period of last year.

"It's about six months from April to September this year. Up to September 7, Myanmar citizens were allowed to invest K968.866 billion including investment promotion in 82 businesses," said Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration.

From April to September in the previous 2017-2018 fiscal year, citizens were allowed to invest K1,282 billion including US$486.42 million in 53 businesses. If investment promotion was included, the amount reached K1,474,118.3 million including US$557.46 million.

When these two periods are compared, this year's amount has declined by over K500 billion.

A series of meeting within one week including the MIC meeting (14/2018) approved a proposed investment and eight other investments totalling nine investments.

The proposed investment was approved by MIC. Of the eight other investments, two investments were approved by MIC, three by Yangon Region Investment Committee, one by Mandalay Region Investment Committee, one by Mon State Investment Committee and one by Kayin State Investment Committee.

Within one week, those nine businesses were allowed to invest over K40 billion including US$9.115 million.

These businesses will provide 1,138 jobs. Of the nine businesses, there are in industrial sector, one in electricity sector, three inn hotel industry and two in other sectors.