Increased investment and trade for Myanmar

U Aung Naing Oo, the Director General of the Directorate of Investment and Company Administration (DICA), said the Myanmar Investment Commission (MIC) has approved 26 domestic and foreign companies to conduct investment in Myanmar.

Nineteen of the approved companies are foreign businesses. They include 12 companies from the industrial sector, 1 company from the livestock breedingsector, 1 company from the construction sector, 1 company from the electric supply sector, 1 company from the hotel and tourism sector and 3 companies from miscellaneous sectors.

MIC said total investment from the aforementioned companies amounted to USD 184.272 million and will create job opportunities for 10,000 local people. Seven of the approved companies are domestic businesses and include 2 companies from the industrial sector, 1 company from the construction sector, 1 company from the transportation and communication sector, 1 company for development in the industrial zones and 2 companies from miscellaneous sectors.

The total amount of investment from these companies is around Ks 409.34 billion and it is estimated they will create over 940 job opportunities for local people. In the current financial year a total of 112 foreign companies have been approved by MIC for investment in Myanmar and the total amount of investment from the companies combined with investment in Thilawa Special Economic Zone totals to USD 3,677.332 million. A total of 40 domestic companies have been approved in the current financial year.

According to the new investment law in Myanmar, Investment Commissions will be set up throughout each region and state and will allow foreign and domestic businesses to invest up to Ks 6,000 million (USD 5 million) in each region or state. A workshop is being planned for officials from the various regions and states to learn about investment in Myanmar.

MIC has prioritized ten sectors for investment in Myanmar. They are: (1) agriculture, (2) livestock and fish breeding, (3) export, (4) import, (5) electric supply, (6) transportation, (7) education, (8) healthcare, (9) low-cost housing and (10) accommodating industrial-sized cities.

From April to July in the current financial year, Myanmar’s exports reached USD 4,323 million and imports reached USD 5,971 million. Comparing with the last financial year, exports increased by USD 930 million and imports increased by USD 1,044 million.

The Ministry of Commerce said they have managed to network with 175 more countries for trade this year and have created more job opportunities for local people.

Source: The Global New Light of Myanmar

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