YANGON-Myanmar Investment Commission (MIC) has allowed Korea-based Daewoo Company manufacturing, assembling and maintenance services for passenger buses in Mingladon Township, Yangon Region, under a Joint Venture Investment.
The information came from the MIC’s meeting held in Yangon on August 25th.
The meeting aimed to securitize the suggestion that was submitted in accordance with the MIC laws and it approved three orders of investments.
The Daewoo Bus Myanmar Company Limited Korea was given green light to manufacture Daewoo buses in Mingladon Township, Yangon Region, Yangon Golden Paragon Investment Co;LTD was allowed for Construction, Operation and Leasing of Residence and Commercial Area in Tharkayta Township, Yangon and Science and Tech International Myanmar University Co;LTD was also allowed to provide education services in the Mandalay Region.
Those businesses must and are operating under the Joint-venture foreign investment laws.
Moreover, Lashio Dragon Co; LTD was also granted permission to produce and distribute beer in Lashio District, northern Shan State under the Myanmar Citizenship Investment.
The WKG Kossco Co; LTD was given green light for Zinc Galvanizing and related business in Dagon Township (South) in Yangon Region through joint venture foreign investment.
Despite recorded amounts of foreign investment volume hitting over US$ 1 billion had been invested in Myanmar, the volume rate declined over $ 2 billion comparing with the previous, according to MIC.
According to Special Economic Zone law, totaling volume of foreign investment worth over $ 171.100 million has been allowed from April to September this year.
The MIC securitized the above mentioned investments based on cost-effectiveness, creation of new job opportunities, national income earning , impose on taxation, situation of local and foreign markets, need of local consumption and technical invention.
The MIC announced that over $5 million in foreign investment up until the third week of December for the fiscal year. Most are from Singapore.
In the first half of this year, investments came from Bangladesh, Brunei, China, France, Germany, Hong Kong, India, Indonesia, Japan, Macao, Malaysia, South Korea, Singapore, Sri Lanka, Thailand, Netherlands, United Kingdom, United States, Vietnam, Luxembourg, Samoa, Qatar, South Africa, Taiwan and New Zealand.
The MIC said the transport and telecommunications sector topped the foreign investment list with US$208 million during October and November.
It said Yangon region tops the list of states and regions, attracting foreign investment worth $2.5 billion. No foreign investment has been tallied for Rakhine, Kayah and Chin states.