The meeting 3/2023 0f the Myanmar Investment Commission (MIC) was held at the Union Government Office in Nay Pyi Taw yesterday and it allowed 6 new businesses including renewable an energy project to generate electricity, according to the Information Team of State Administration Council (SAC).
Deputy Prime Minister General Mya Tun Oo, who is also MIC’s Chairman and commission members attended the meeting.
The MIC meeting gave the green light to six new buisnesses to put investments in power generation, manufacturing, hotels and tourism.
Those projects are to pump in US$72.98 million and K314.73 billion into the country and create over 2,600 jobs for locals. At the meeting, eight existing businesses were also allowed to expand capital.
As end of August 2023, out of 52 foreign countries, Singapore, China and Thailand are the leading countries with the largest foreign direct investments in the country. Among 12 sectors, the power sector accounts for 28.45 per cent by drawing the largest investments, followed by the oil and natural gas sector (24.46 per cent) and the manufacturing sector (14.38 per cent).
MIC ensures responsible businesses by assessing environmental and social impacts. The commission has been working together with the relevant departments to screen the project proposals and provide service for the investors under Myanmar Investment Law.
