MIC allows gas-fired power plant in Mandalay

Writer: 
Nilar

 

Myanmar Investment Commission (MIC) has allowed a company to implement a gas-fired power plant in Mandalay.

Kyaw Win Tun, Director of Directorate of Investment and Company Administration said: “It is the construction of a 230-KV power plant in Baelin village in Saingaing Township, Kyaukse District in Mandalay. The company will invest over US$ 92.68 million in the gas-fired power plant which can generate 145.49 megawatts and then sell power.”

“The MIC also allowed Pyi Phyo Tun International Co., Ltd, a citizen company, to invest in the fish loading and unloading jetty service in Pahtawpahtet island in Maai village-tract in Kyunsu Township in, Myeik District in Tanintharyi Region. The company’s total investments in the project amount to Ks-12,500 million,” he added.

In addition, the Good Water (Kawthoung) Co, Ltd will make a joint venture investment in the treated water supply project in Parchan forest reserve in Kawthoung Township, Kawthoung District in Tanintharyi Region. The MIC allowed these investments at its 14/2018 meeting.

Under the long-term foreign direct investment promotion plan in 2017-2018 fiscal year, the total FDI reached over US$ six billion. But the actual inflows of FDI into the country from 28 countries amounted to US$ 4.3 billion, according to a summary report by the MIC for 2017-2018 FY.

From April 1, 2017 to March 31, 2018, the MIC held 16 meetings. The MIC allowed 222 new FDI worth US$ 4,777.980 million and 82 existing businesses to increase investments worth US$ 940.106 million. The total FDI reached US$ 5,718.086 million.