Investment sector: MIC approves 8 new projects

Myanmar Investment Commission (MIC) held its meeting (1/2023) at the Union Government Office in Nay Pyi Taw on Monday. Member of the SAC Chairman of Myanmar Investment Commission Lt-Gen Moe Myint Tun and commission members attended the meeting. The meeting approves 8 new investment projects from electric power, transportation, oil and natural gas, industry, hotels and tourism and service sectors including increasing capital of ongoing investment businesses.

The overall investments amounted to 143.634 million USD and over 98 billion kyats and they can create 1,374 job opportunites in local. The renewable energy electric power generation task also includes in the businesses approved by the meeting. Out of 52 countries that make investments in Myanmar until the end of January 2023, the most investors are Singapore, China and Thailand.

Among the 12 business sectors, the most invested sectors are the electric power sector with 28.30 percent of the total investment while 24.63 percent in the oil and natural gas and 14.34 percent in the industrial sector. Myanmar Investment Commission is providing assistance on granting investment proposals submitted by local and foreing investors, investment services for the current investors in line with Myanmar Investment Law.