August 19, 2016

Investment approvals — Myanmar Investment Commission gives nods to 17 local, foreign firms in September

A manufacturing plant in Hlinethayar Township, where some industrial zones are located.
A manufacturing plant in Hlinethayar Township, where some industrial zones are located.

The Myanmar Investment Commission has given the green light to 17 local and foreign firms to conduct business in the country as joint ventures, locally owned firms or wholly foreign-owned enterprises so far this month, according to a statement issued by the commission this week.
The businesses approved  at the commission’s 16/2015 meeting include those involved in the manufacturing and marketing of wood-based products, construction materials, hospital equipment, garments, power transformers, footwear, plastic and jet fuel products, marine product processing and production, rearing of oysters and culturing of pearls, hotel services, upgrading of jetties and container terminals, private clinics and diagnostic services.
In a sign of continuing investments in the country’s hospitality industry, San Yamon Co., Ltd will build a hotel on 13 acres of land in Nay Pyi Taw’s hotel zone while Family Business Group Hotel Limited will engage in hotel services in Yangon.
As part of further expansion of the country’s garment industry, three companies—Simon Labels Myanmar, Pathein Just and Able Glad Myanmar—will establish clothing manufacturing businesses in industrial zones in the Yangon and Ayeyawady Regions. The three firms will be operated as wholly foreign-owned investments.
In addition, Myanmar Sule Terminal Limited will undertake jetty upgrading and construction of a container terminal in Yangon Port as local investment while Bumrungrad Myanmar Company Limited will as a form of joint venture investment provide diagnostic services at its private clinic in Yangon.
Other enterprises operated by an approved manufacturer in Yangon will produce various kinds of goods including construction materials, hospital equipment, plastic and footwear products and conduct fish and shrimp processing and production.
One of them will establish a manufacturing, installation, repair and maintenance plant for transformers, switchgears and related accessories in Yangon while another company will conduct artificial breeding of oysters to culture pearls in Taninthayi Region.
Among the firms, National Energy Puma Aviation Services Co., Ltd was allowed a temporary permit to be a joint venture with the Ministry of Energy. With its location at No (1) Refinery and Yangon International Airport in Yangon, the enterprise will conduct management and marketing of jet fuel products including importation, storage, distribution, transportation and fueling.
According to informed sources, the country’s manufacturing, telecommunications and hospitality sectors are set to be prioritized in allowing investment permits to local and foreign firms this fiscal year.
Myanmar has a full-year target of USD6 billion FDI for 2015-2016, and has already attracted USD2.4 billion in the first three months of this budget year from 1 April to 30 June.


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