MIC has approved 21 foreign direct investment projects

The Myanmar investment Commission has approved 21 foreign direct investment projects worth US$ 217.644 million within two months, it has been learned.

The investments will be made in 17 industrial sector projects, one transportation and communication sector project, one livestock and fisheries sector project, one service sector project and one energy sector project. These kinds of foreign direct investment projects create job opportunities for local people, according to the Directorate of Investment and Company Administration (DICA).

Moreover, the Myanmar investment Commission also approved seven local investments worth US$ 40.387 million and K61,417.373 million. The seven local investment projects include two in the industrial sector, one in the transportation sector, one in the livestock sectors, one in the agricultural sector and two in the service sector. These local investments created a total of 1,452 jobs for local workers, according to the DICA.

“Our MIC approves the investments on the basis of economic efficiency, the ability to create job opportunities for local people, accountability and environmental impact assessments (EIA).” said U Aung Naing Oo, director-general of the DICA.

The Myanmar Investment Commission approved 38 foreign investment projects worth US$ 383.877 million in September. Moreover, the MIC permitted 21 local investment projects amounting to US$ 96.059 million and K169,080.395 million, according to the DICA. China is the top foreign investor with investments totaling US$ 18,112.755 million in Myanmar.

Source: Global New Light of Myanmar

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