MYANMAR INVESTMENT COMMISSION APPROVES INVESTMENT PROPOSALS INCLUDING THE DEVELOPMENT OF HLEGU INDUSTRIAL PARK PROJECT

The Myanmar Investment Commission (MIC) held a regular meeting this morning. The meeting was chaired by Union Minster U ThaungTun, Chairman of the MIC, Union Minister Dr. ThanMyint, Vice Chairman of the MIC and members of the Commission attended in the meeting.

The meeting approved 7 new projects in theindustry,real estate, hotel and tourism, andmanufacturing sector as well as additional investments in 7 existing projects. The approved projects amountedto USD (462.693) million and Kyat (73,206.5) million.The projects are expected to provide (3,662) job opportunities.

Among the new projects approved by the meeting areHlegu Industrial Park project worth USD (230.60) million with mainly investment from Sembcorp CSSD Myanmar Co., Ltd. and the AEON Large Scale Shopping mall project worth USD (180) million from Japan and expected to create over 2,300 jobs.

Notwithstanding COVID-19, both local and foreign investments continue to show interest in Myanmar.

Singapore, People’s Republic of China and Thailand head the list of countries that have invested in Myanmar in the current fiscal year. Investment in the power sector accounted for (26.52%). This was followed by the oil & gas sector (26.44%) and manufacturing sector(14.28%) of the total permitted amount of foreign investment.