$97m FDI approved since April 1, as government targets $3b by October

One company among 18 investments greenlighted by the authorities last month will produce and sell automotives, U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA), said.

The Myanmar Investment Commission (MIC) permitted eight foreign investments and 10 domestic investments on May 29. Among them, MIC-approved businesses include one automotive manufacturing and one plastic manufacturing and the rest are permitted by state and regional investment commissions.

“Eight foreign investments approved on May 29 will invest a total of US$33 million and 10 Myanmar-citizen investments will result in over K22 billion,” he said at a press conference held at DICA’s office in Yangon.

With MIC’s approval, Shwe Daehan Motors will invest in vehicle sector in Shwepyitha township, Yangon Region.

During the first two months of the six-month transition period until September 30, 49 local and foreign investments have been approved.

From April 1 to May 31, US$97 million investment from 15 foreign firms and K658 billion from 34 local firms were approved. Taking into account expansion of existing investments, the total approved foreign investments amount from April 1 to May 31 is US$148 million, U Than Aung Kyaw added. For domestic investment, the total amount of approved investment for the same period will be K667 billion.

The government’s approved investment target is US$3 billion foreign investment during this six-month transition.

Source: Myanmar Times

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