Myanmar and Singapore companies are planning to construct commercial buildings on land owned by the Ministry of Defence in Yangon Region.
Myanmar Investment Commission (MIC) granted permission on October 2 for Nature Link from Myanmar and Singapore-based Uni Global Power Pte. Ltd. to build under a Build, Operate, and Transfer (BOT) agreement in accord with the foreign investment law.
The tender winning company has submitted a proposal to MIC through the Ministry of Defence. MIC has also allowed the joint venture of Shwe Taung Development Co. Ltd. and a Singapore company to construct office buildings in Yangon region during August.
Foreign investment in the construction sector amounted to over US$ 37 million by August 2013. In hotels and tourism, foreign investment is over US$ 1.5 million, according to statistics.
Source: ELEVEN Myanmar