MIC’s 6/2024 meeting greenlights 3 new investment projects

MIC’s 6/2024 meeting greenlights 3 new investment projects

Posted on 01 July 2024

The 6/2024 meeting of the Myanmar Investment Com­mission (MIC) was held yes­terday afternoon in Nay Pyi Taw. State Administration Council Member Deputy Prime Minister and Myan­mar Investment Commis­sion Chairperson General Mya Tun Oo and members of the commission attended the meeting.

          The commission approved three new local investment projects in the industrial, elec­tricity, and mining sectors, including the capital increase of ongoing foreign investment activities. The investment amount of these businesses is US$89.146 million and K27.5 billion, which can create 206 lo­cal employment opportunities.

 Among 53 countries and territo­ries that invested in Myanmar until the end of May 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 28.47 per cent of the total in­vestment, the oil and natural gas sector, with 24.43 per cent, and the manufacturing sector, with 14.48 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.