Myanmar approves 12 local and foreign investment enterprises

Myanmar Investment Commission (MIC) recently approved 12 investment enterprises from home and abroad, said a release from the Directorate of Investment and Company Administration (DICA) late Friday.

The enterprises, which will create over 6,600 job opportunities for Myanmar citizens, were permitted at the commission's recent meeting.

With investment capital of 501.9 million U.S. dollars and 73.4 billion kyats (48.9 million U.S. dollars), the permitted enterprises are engaged in the country's manufacturing, other services sectors and hotel sectors, respectively.

As of Dec. 31, 2019, Singapore, China and Thailand were the leading investors in Myanmar. Meanwhile, oil and gas, power and manufacturing sectors were the top three sectors in the list with most foreign investments.

From FY 1988-89 to Dec. 31 of FY 2019-20, the foreign investments in 1,909 permitted projects have reached over 83 billion U.S. dollars in the country.

Source: China ASEAN Business Council