MIC meeting (7/2024): MIC approved five new investment projects

Myanmar Investment Commission’s meeting (7/2024) was held at the meeting hall of the office No (18) in Nay Pyi Taw in the morning on 5th August an attended by member of State Administration Council Deputy Prime Minister Chairman of Myanmar Investment Commission General Mya Tun Oo and Commission members.

At the meeting, the commission approved five new investment projects in the industrial, service, and housing development sectors, including the capital increase of ongoing investment activities. The investment amount of these businesses is 44.4 million USD and over 57.351 billion Kyats, which can create 2002 local employment opportunities.

The investments approved at the meeting include the assembling, manufacturing and selling Electric Vehicles which is supported and promoted by the State. Among 53 countries and territories that invested in Myanmar until the end of June 2024, the most investments were from Singapore, China and Thailand.

Among the 12 economic sectors, the sectors most invested in are the energy sector, with 28.45 per cent of the total investment, the oil and natural gas sector, with 24.41 per cent, and the manufacturing sector, with 14.45 per cent. MIC is responsible for verifying and approving investment proposals submitted by domestic and foreign investors.

It is also currently providing investment services for investors under the Myanmar Investment Law.