Reorganised MIC grants eight licences

In what may be an accelerating trend toward a more value-added economy, the reorganised Myanmar Investment Commission has granted licences to eight companies, including several in the manufacturing sector. This represents a change from the past, when most companies seeking MIC licences were in extractive industries.

MIC was reorganised with new cabinet members, private entrepreneurs, and Directorate of Investment and Company Administration officials on June 7. Yesterday it announced that on June 27, it had granted licences to four local and four international applicants.

One is for an English-language newspaper. A joint venture between Eleven Media Company and the Thai newspaper The Nation will publish an English version of the paper.

Local firm Tun Myat Aung was granted a licence to run a real estate firm for the sale and rent of high-end housing.

Other local investments approved were CO2 Solution, which will run a high-quality wood veneer factory; OYC Asia, which will run a bag factory on the CMP system (cutting, making and packaging); and Sein Myint Mo Tours and Travels, which will operate an international hotel in Shan State.

MIC also approved Myanmar Feilong Electric Wire and Cable, which will operate an electric wire factory in Hlaing Tharyar industrial zone; Myanmar Infochamp, which will operate a shoe pattern parts factory in Shwe Lin Pan industrial zone; and Loscam Myanmar, which will run a rental and maintenance service for storage and moving kits.

In recent years, MIC has given priority to the manufacturing sector for the majority of permits, DICA’s director general U Aung Naing Oo told The Myanmar Times.

Myanmar has granted a total of 1108 foreign investments worth US$63.718 billion since 1988, and 1190 Myanmar citizen-owned investments for K11,624.766 billion since 1994.

 

Source: The Myanmar Times

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