MIC Receives $3.4 Billion in Proposed Foreign Investment Projects

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Around 70 proposed foreign investment projects worth about US$ 3.4 billion have been submitted to the Myanmar Investment Commission (MIC), just two and a half months before the end of fiscal year 2016-17, says Aung Naing Oo, secretary of the MIC.

As of January of this the fiscal year, Myanmar has received foreign investment projects worth about $4.5 billion and the number of foreign investments is expected to exceed the projected amount, according to the Directorate of Investment and Company Administration.

“The projected amount is about $6 billion. We have already received investments worth about $4.5 billion. It’s nearly three months before the end of this fiscal year. And we received foreign investment projects proposals worth about $3.4 billion. When combined, they will be more than $6 billion,” said Aung Naing Oo.

He added that foreign investments made in November and December last year were very strong.

Between April and mid-December, the MIC granted permits to 78 investments worth $2.1 billion. Total investment, including investment promotion, has reached $3.4 billion.

 

Source: Eleven Myanmar
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