MIC approves 6 new projects: EV assembly, power generation included

MIC approves 6 new projects: EV assembly, power generation included

Posted on 03 April 2024

Myanmar Investment Commission (MIC) permitted six new investment projects during the 4/2024 meeting held in Nay Pyi Taw yesterday.

          State Administration Council Member Deputy Prime Minister Union Minister for Transport and Communications and MIC Chairman General Mya Tun Oo and members of the commission attended the meeting.

          The six investment projects are in the sectors of industry, hotel and tourism, and electricity, including expansion of the initial capital of ongoing projects. The overall investments amounted to US$33.911 million and K545,500 million, thus creating 1,349 job opportunities.

          The greenlit projects included the assembly and production of electric vehicles, power generation under Myanmar citizens’ investment and tourism sector.

          Out of 53 countries that make investments in Myanmar until the end of March 2024, Singapore, China and Thailand are the most prominent investors in the country.

          Among the 12 business sectors, they invest in electricity, with 28.48 per cent of total investment, while 24.44 per cent is in oil and natural gas, and 14.43 per cent is in the manufacturing sector.

          The MIC reviews the investment proposals of local and foreign investors to permit and offer services to the current investors in accordance with the Myanmar Investment Law.