The Myanmar Investment Commission (MIC) has approved five foreign businesses which will include a luxury island hotel, river cruises and a new wood factory.
Mokan International Co Ltd, a joint-venture of Scandinavian-based Gecko Holdings Ltd and Kyaw Win Phyo Mauk Co Ltd (Myanmar), were given approval to develop a luxury hotel project on two islands in Kawthaung Township in Taninthayi Region of Lower Myanmar.
India-based Greenply Industries (Myanmar) Private Ltd was approved to set up a finished-wood factory in Dagon Industrial Zone in suburban Yangon.
UK-based Leisure Holdings Asia Ltd was given a green light to launch a cruise liner on the rivers in major cities of Myanmar including Yangon, Mandalay and Bagan.
Thailand-based Thai Parfun Co Ltd and China-based Nantong Mengsheng Shoes Co Ltd will set up a garment factory and a shoe factory respectively.
Foreign investments in Myanmar hit US$42.5 billion on May 31 this year, according to official figures. Over US$19 billion has been invested in power sector and $14.37 billion in oil and gas.