MIC grants three more permits

THE Myanmar Investment Commission (MIC) has permitted three new enterprises including the construction of an aquarium named ‘Under Water World’ and a Cutting-Making and Packing (CMP) garment enterprise, according to the decision of a commission meeting held on Sunday.

The construction of the Under Water World aquarium is being developed by Myanmar Aquarium Co Ltd. The Myanmar Aquarium will be set up at Kandawgyi Lake in Yangon, showcasing species of local fresh water and salt water fish, it has been learned from the Directorate of Investment and Company Administration (DICA).

The Sewell Garment (Myanmar) Industrial Company Limited has been permitted to make a 100 per cent foreign direct investment in CMP garment enterprises in Ngwepinle industrial zone, Yangon Region.

Marga Global Telecom Limited has been granted permission to build and operate a data centre and provide wireless internet services in Dagon Myothit (East) Township, Yangon Region.

A total of 1,874 jobs will be created, according to the announcement released by DICA.

Foreign direct investment (FDI) is expected to reach US$- 6billion for the 2016-2017 FY whereas FDI was over US$9.4 billion last FY, an increase of over US$1billion over the 2014 – 2015 FY.

Source: Global New Light of Myanmar

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