Myanmar allows four more foreign investments

Zeya Nyein

Myanmar allowed four more foreign investments worth more than US$190 million and two of them are in the industrial sector, according to a press conference held at the office of the Myanmar Investment Commission (MIC) on August 29.

“Two new proposed investments and two confirmed investments were allowed in this year. Two new proposed investments and one confirmed investment are allowed by the MIC and the one confirmed investment is allowed by the investment commission of Ayeyarwady region. The total investment amount is at US$192.441 million,” said Deputy Director General Than Aung Kyaw from Directorate of Investment and Companies Administration (DICA).

Two of them are in the industrial sector and one of them is in housing sector. The remaining one is in other sector. They can provide over 2,900 job opportunities here, he said.

The period of this fiscal year is assigned from April to September.

A total of 65 foreign investments are allowed within five months of this fiscal year from April to August in line with Myanmar investment law. The foreign investments are worth over US$770 million. The additional investments from the investors currently running are about US$540 million and the total foreign investments are reached to more than US$1.3 billion now.