The Myanmar Investment Commission (MIC) held it’s first meeting for the year today via video conference.
The meeting chaired by Union Minister for Investment and Foreign Economic Relations and Chairman of the MIC, U Thaung Tun was attended by Vice-Chairman Dr. Than Myint, Union Minister for Commerce and members of the Commission.
The meeting approved 14 new investments proposals and increase in capital in 4 existing projects. The approved investments covered energy, fisheries, real estate and services sectors and totaled US$ 295.279 million and Kyat 153.686 billion. The projects expected to create 4,371 job opportunities.
The new projects approved by the MIC include four 40 MW solar power projects in Mandalay Region, Sagaing Region and Magway Region. Apart from these, production and distribution of fish meal project of Scoular Myanmar Co., Ltd. with 100% foreign investment in Yangon Region and pig farming.
The MIC is accelerating investment promotion activities in accordance with the COVID-19 Economic Relief Plan (CERP). The power generation projects permitted today are expected to support the goal of 100% nationwide electricity from the national grid by 2030.
The solar power projects are in keeping with Myanmar’s commitment to tackle climate change. At the virtual Climate Ambition Summit held on 12 December 2020, the State Counsellor announced Myanmar’s intention to submit its Nationally Determined Contribution (NDC) by the end of the year. The NDC will aim to reduce over 243 million tonnes of carbon dioxide by increasing the share of renewable energy to 39% and reducing the net emission from the forestry sector by 25%.
It is learnt that Singapore, People’s Republic of China and Thailand currently head the list of 51 countries/regions investing in Myanmar. Investments in 12 sectors include 26.13% in the electricity sector, 25.98% in the oil and gas sector and 14.57% in the manufacturing sector.