MIC gives green-light to nine investments

MIC gives green-light to nine investments
Published 13 January 2019

Myanmar Investment Commission (MIC) granted the permits to nine new investments including CMP factories and LPG businesses at its meeting on January 11.

The nine new foreign investments are: meat packaging, rice and rice mill products, animal feed production, baby chicks production, CMP garment industries, power production, LPG industry, warehouse and logistics services and vehicle repairing training. The new investments can create 2,227 jobs for locals.

From 1988-1989 to 2018-2019 fiscal year, the total foreign investments reached around USD 78 billion with China topping the list of FDI with USD 20.249 billion, followed by Singapore with USD 19.752 billion.

Oil and gas sector led the list of FDI with 29 per cent and the energy sector, with 27 per cent.

Livestock and fishery, farming and construction sectors saw the least FDI inflows, accounting for less than one per cent.

From October 1 to November, 2018-2019 FY, the country saw an inflow of nearly USD 466 million foreign investments, according to Directorate of Investment and Company Administration (DICA).

From October 1 to November, the transportation sector stood first on the list of FDI with USD 171.790 million, the other sector, second, with USD 149.291 million and the production sector, third with more than USD 100 million.