Investment Meeting: New Projects and Increase in Existing Projects Approved

Myanmar Investment Commission (MIC) held its (5/2021) meeting on Wednesday at the Union Government Office in Nay Pyi Taw.

The meeting was chaired by member of the State Administration Council and Chairman of Myanmar Investment Commission Lieutenant-General Moe Myint Tun.

This meeting approved 13 new projects for agricultural, hotel and tourism, manufacturing, and other services sectors and it also approved the increase in capital of 19 existing projects.

The approved projects amounted to 204.838 million USD and over 200 billion Kyats, and 2,972 jobs are expected to be created.

 According to the Myanmar Investment Promotion Plan (MIPP), the amount of investment targeted for the last fiscal year (2020-2021) was 5.8 billion USD - although there was the impact of the COVID-19 on the economy around the world, the amount of investment in Myanmar reached nearly 3.8 billion USD which was over 65 % of the investment target for the last fiscal year.

By the end of September 2021, the countries/regions with the largest investment out of 51 countries investing in Myanmar are Singapore, China, and Thailand.

The electric power sector leads the list of most invested sectors out of 12 business sectors with 28 % of total investment. This was followed by Oil and Gas sector, accounting for 25.18 %, and the Manufacturing sector, accounting for 14.26%.