Permission Needed for Foreign Investment in Mining Sector

The government has made no obstacle for foreign investments in the mining sector in Myanmar, but permission is needed from the Ministry of Mining if one desires to do business in that sector according to Myanmar Investment Commission (MIC). “We allow foreign investments in the mining sector, but we don’t give any subsidies in that […]

Foreign investors keen to open petrol stations

YANGON- Foreign investors are very keen to open petrol and fuel filling stations in Myanmar. The Myanmar Investment Commission (MIC) says companies have asked if they are allowed to open domestic fuel stations. “Currently, no one has submitted a suggestion about the fuel market,” MIC secretary Aung Naing Oo said. However, foreign investors had asked […]

32 foreign investment proposals under scrutiny

The Myanmar Investment Commission (MIC) says it is scrutinising 32 foreign investment proposals worth US$1.5 billion and 20 domestic proposals worth Ks492 billion. Aung Naing Oo, the secretary of the MIC, said: “These proposals were made under the old investment law. According to the new law, the MIC has received 26 foreign investment proposals worth […]

FDI Expected to Exceed $6bn

Total foreign direct investment (FDI) is expected to reach US$6.1 billion in 2017-18, according to the Directorate of Investments and Company Administration (DICA). Aung Naing Oo, the director-general of the DICA, said: “We draft our projects based on the National Comprehensive Development Plan of 2011-2030. Under the project, the FDI is set to reach up to US$140 billion between 2014 and 2030. In doing so, the average inflow of investment between 2016 and 2020 is set to hit US$6 billion annually.” Five years ago, the annual FDI was expected to reach US$4 billion but since 2016 it was US$6 billion. It was US$6.8 billion in 2016-17. In 2021, we would increase the estimation of our annual FDI inflow, […]

New Industrial Zones Planned

Five industrial zones are in the process of being selected, according to Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC). “State and regional governments were asked to suggest appropriate areas for industrial zones and have provided lists. We need to further assess them. We’re now in the process of choosing the sites,” he said. […]

Myanmar confident in hitting USD 6 billion in FDI for FY2016-2017

​​ Government financial chiefs, including the director general of the Myanmar Investment Commission (MIC) and secretary of the Directorate of Investment and Company Administration (DICA) Aung Naing Oo, have told foreign businesses that now is the time to invest in the country. At an event at the Novotel Yangon on March 18, Finance and Planning […]

Myanmar surpasses FDI target of $6 bn in fiscal year 2016-17

“We have approved 135 foreign businesses according to the Foreign Investment Law during this fiscal year,” he said this week. “Meanwhile, we have approved FDI inflows of $262.59 million in the Thilawa Special Economic Zone, according to our SEZ Law. In total, we could approve $6.87 billion [Bt240 billion] this year.” Aung Naing Oo is […]

No Foreign Investment Allowed in Mining Sector by NLD Government

​​ ​​Secretary of Myanmar Investment Commission, Aung Naing Oo, said that the MIC did not allow foreign investment in mining sector and the mining sector is not included in the list of sectors for which foreign investment will be encouraged. “There is no foreign business which has been allowed to invest in mining. What is […]

MIC Reports Investment High of More Than US$6 Billion Under NLD

​​ The foreign investment volume for Myanmar has reached over US$6 billion during the almost now eight months of NLD government leadership, exceeding original targets, Aung Naing Oo, director-general of the Directorate of Investment and Company Administration (DICA) told a press conference on January 23. According to the foreign investment law, Myanmar received 106 enterprises […]

Telecoms Sector Leads Investment List

​​ Until December this financial year, the telecoms sector is attracting the most investment, according to Aung Naing Oo, secretary of the Myanmar Investment Commission. “This year, telecoms tops the investment list, followed by manufacturing. But the MIC is still receiving proposals for this financial year,” he added. More than US$1.62 billion had been invested in telecoms, while manufacturing received more than US$880 million and the energy sector received more than US$600 million. Until the second week of January, the MIC granted permits to 106 foreign investments worth more than US$4.4 billion, under the Foreign Investment Law. Investment has exceeded US$5.78 billion, according to the […]