MIC approves seven investment projects on 6 March

MIC approves seven investment projects on 6 March

Posted on 07 March 2024

MYANMAR Investment Commission (MIC) greenlit seven new projects to invest in manufacturing, electricity, and service sectors and allowed the capital expansion of certain existing businesses at the meeting 3/2024 held yesterday at Office No 18 in Nay Pyi Taw.

Those projects are to pump in US$ 18.222 million and K 99.683 billion into the country and create nearly 1,369 jobs for locals. Deputy Prime Minister General Mya Tun Oo, who is also Chair of the Myanmar Investment Commission, and commission members attended the meeting.

As of the end of February 2024, among the 53 foreign countries, Singapore, China, and Thailand are the leading countries with the largest foreign investments in the country. Of 12 sectors, the power sector accounts for 28.49 per cent by drawing the most significant investments, followed by the oil and natural gas sector (24.45 per cent) and the manufacturing sector (14.40 per cent).

The Myanmar Investment Commission oversees and approves investment project proposals from locals and overseas, as well as serving existing investors in accordance with the Myanmar Investment Law.