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MIC announces new secretary, foreign capital updates

U Thant Sin Lwin has been appointed as Secretary of the Myanmar Investment Commission (MIC), according to notification 55/2019. U Thant Sin Lwin replaced U Aung Naing Oo as Director General of the Directorate of Investment and Company Administration (DICA) in March. U Aung Naing Oo is now Permanent Secretary of the Ministry of Investment […]

Taking a Quantum Leap to Revamp Myanmar’s Economy

YANGON—Since last year, Myanmar officials responsible for drumming up foreign investment have been shuttling between Naypyitaw and Asian countries to pitch the government’s latest legal, procedural, and institutional reforms to potential investors as part of efforts to revitalize the country’s economy. State Counselor Daw Aung San Suu Kyi often highlights foreign direct investment (FDI) as […]

No proposals or plan to permit casinos: Yangon Region Chief Minister

THE Yangon Region Investment Committee (YRIC) has not received any proposals for casino businesses, and it does not plan to green light such businesses, said U Phyo Min Thein, the Yangon Region Chief Minister. He made the remarks at a press conference held on Wednesday at the YRIC office. “There is no proposal for setting […]

Govt to demand more info from prospective investors

The government has announced it will require more detailed documentation for investment proposals from August 1 following an investigation by The Myanmar Times into repeated transparency failures under the investment body. In a notification signed on July 18 but released on July 22, the Ministry of Investment and Foreign Economic Relations announced a series of […]

Myanmar approves nearly 200 foreign investment projects in FY 2018-19

YANGON, July 14 (Xinhua) — The Myanmar Investment Commission (MIC) has approved 197 foreign investment projects in first nine months of current fiscal year 2018-2019, according to figures from the Directorate of Investment and Company Administration (DICA). From October 2018 to June 2019, a total of 3.16 billion U.S. dollars worth of investments entered Myanmar […]

Local government warns tardy cement plant projects in Myanmar

Myanmar: U Aung Kyaw Thu, the Hluttaw representative of Mon State Parliament and chairperson of the public budget scrutiny, finance planning and economics matters review committee has warned that cement plant projects granted licenses by the Myanmar Investment Commission (MIC) that have not implemented their plans will not be granted permission to extend their licenses. […]

Better implementation of the law needed to draw foreign investors

Lack of coordination between the Union and regional governments on development policies, red tape and weak implementation of new laws has hampered the flow of foreign direct investments (FDI) into Myanmar, said U Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations. U Aung Naing Oo pointed out that having […]

New Terminal Construction to Begin with Port Traffic Expected to Rise Shipping

Adani, registered in Myanmar and incorporated in Singapore, will develop a new international port container terminal in Ahlone township, on the Yangon River in Myanmar’s commercial capital, with expectations of increased container traffic in Myanmar in the coming years. Adani Myanmar was granted permission by the Myanmar Investment Commission (MIC) in late April to develop, […]

Myanmar public companies trail behind private firms in corporate disclosure

Public companies in Myanmar – companies whose shares can be bought by the public – lag behind privately-owned firms in corporate disclosure and governance, according to the latest transparency report released on Tuesday. This is the fifth Pwint Thit Sa report (Transparency in Myanmar Enterprises) undertaken by Yangon-based Myanmar Centre for Responsible Business (MCRB) in […]

Citizen investments hit around Ks 6985 bln in three years

Until March this year, the Myanmar Investment Commission (MIC) allowed citizen investments worth over Ks 18,609 billion, with the real estate sector, manufacturing, transportation, hotel and tourism and construction sectors topping the list. A total of 1,549 local businesses invested Ks 18609187.355 million in 11 sectors. The investment in real estate sector reached Ks 4,172.850 […]