MIC permits 69 investments in a 4 months period

Zeya Nyein

Myanmar Investment Commission (MIC) has permitted more than 69 investments within 4 months period with a total worth of Ks.870 billion according to the new brief held on August 14 by the MIC.

“From April to August 2018, within a 4 months period, MIC has permitted a total of 69 investments worth Ks.840.718 billion including US $ 169.880. IN addition, MIC has allowed Ks.870.759 billion including added investment and investment of US $ 171.028,” said Aung Naing Oo, secretary of MIC.

According to the meeting No.12/2018 by MIC, held on August 10, Myanmar Investment Commission has permitted 4 other investments which is equal to Ks.57.575 billion.

Among the 4 investments permitted by MIC, two were green lit by the MIC, one by the Shan State investment committee and one by Taninthayi Region investment committee continued secretary of MIC Aung Naing Oo.

The Myanmar Investment Commission (MIC) is a government-appointed body which is responsible for verifying and approving investment proposals and regularly issues notifications about sector-specific developments. The new Myanmar Investment Law changes the role of the MIC with fewer investment proposals requiring formal MIC approval and a new Endorsement process – whereby proposals are fast-tracked by being ‘endorsed’  by the MIC – now available to investors. The MIC is comprised of representatives and experts from government ministries, departments and governmental and non-governmental bodies.