Mandalay Brewery’s JV with Kirin approved as market heats up

THE Myanmar Investment Commission (MIC) has approved a proposal by Mandalay Brewery, which is a subsidiary of Myanma Economic Holding Limited (MEHL), to operate a joint venture (JV) with Japanese brewer Kirin Holdings. Under the JV, US$9 million will be invested to upgrade the quality of machinery and beer at Mandalay Brewery, said U Hla […]

EU displaces Japan as Myanmar’s Largest Apparel Market

After the reinstatement of Generalised Scheme of Preferences (GSP) rights to Myanmar, orders from European Union have been increasing, and it has now become the top market for Myanmar’s cut-make-pack (CMP) garment sector. This has reduced Myanmar’s heavy dependence on Japan for its CMP exports, according to Myanmar Garment Entrepreneurs’ Association. “In the past the […]

MIC Approves Another Offshore Oil and Gas Supply Base

The Myanmar Investment Commission (MIC) has approved an application to build an offshore supply base on Made Island, in Kaukphyu, Rakhine State, by the Myanmar Chemical & Machinery Company, according to an official MIC statement. The base will be developed on 146.7 acres of land in the Made village. The approval was granted after gas […]

Clothing Exports Set to Reach $3bn

Export earnings from cutting, making and packaging clothing manufacturing is expected to reach up to US$3 billion this year, said Soe Myint, the chair of the Myanmar Garment Entrepreneurs’ Association. “In the past, Japan was the biggest market but it has been overtaken by the European Union. Every month, four to six companies invest in the garment […]

MIC Announces Housing and Industrial Projects

The Myanmar Investment Commission (MIC) announced a national low-cost housing construction project and industrial land building project. They will be among the top-10 prioritised projects supporting both domestic and foreign investors in those sectors. “After the MIC announced low-cost housing projects as top-priority projects, some foreign and local developers are now interested to invest in […]

Myanmar to build more hotels in southern archipelago to boost tourism

Nine local and foreign companies have been granted by the Myanmar Investment Commission to build more hotels in the Myeik archipelago in southern Tanintharyi region. According to local directorate of hotels and tourist Sunday, the new hotels will be built on 12 islands of the archipelago. There are more than 800 islands in the region, […]

Singapore to invest $316m in housing

The Myanmar Investment Commission (MIC) has allowed two Singapore companies to invest over US$316 million in two Yangon housing projects, according to the Directorate of Investment and Companies Administration (DICA). “A Singapore company will invest US$35 million in a housing project and another firm will invest US$280 million in a separate project,” said an official […]

Myanmar’s tourism industry faces challenges

Myanmar’s tourism industry has experienced a significant decline compared to previous years. To understand the causes for this development the Global New Light of Myanmar interviewed U Thet Lwin Toe, chairman of Myanmar Tourism Entrepreneurs Association. Q: May I know current situation of tourism industry? The country’s tourism sector rose in 2012 like a tsunami. […]

Twelve enterprises recently permitted by MIC

The Myanmar Investment Commission (MIC) permitted 12 enterprises which are in line with investment regulations and laws in the current fiscal year 2017-2018, according to a recent meeting of MIC. A total of 4,343 job opportunities are created from those permitted enterprises. They consist of two Myanmar citizen enterprises, two foreign enterprises and eight joint […]

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, […]