You can read daily news of Global New Light of Myanmar using mobile applications. Download now!

August 08, 2020

Domestic investments touch K20,871 bln as of 31 July

Investments by Myanmar citizens in the country has reached over K20,871 billion as of the end of July 2020 mostly in the development of the real estate, manufacturing, transportation and communications, hotels and tourism and construction sectors, according to the data released by the Directorate of Investment and Company Administration (DICA). The domestic investments were permitted for a total of 1,731 businesses in 11 sectors with an estimated capital of over K20,871 billion (K20871785.949 million).
Myanmar citizens have invested a total of K4,714.858 billion in 93 businesses in the development of the real estate sector, K3,900.796 billion in 930 businesses in the manufacturing sector, K3,013.801 billion in 52 businesses in the transport and communications sector, K2,208.309 billion in 194 businesses in hotels and tourism sector and K1,132.470 billion in 68 businesses in the construction sector.
Moreover, MIC has given the green light to Myanmar citizens to make investments amounting to K899.828 billion in 12 businesses in the industrial development sector, K833.086 billion in 24 businesses in the energy sector, K370.259 billion in 91 businesses in the livestock and fisheries sector, K212.389 billion in 72 businesses in the mining sector, K90.600 billion in 19 businesses in the agricultural sector, K3,490.744 billion in 175 businesses in other sectors and K4.640 billion in one business in oil and natural gas sector. In 2015-2016 fiscal year (which ended at the end of March 2016), more than K11,624 billion of the domestic investment were granted. Now, around K9,247 billion of investments were made in the present government period (four years and three months).
To be able to get the tax exemption and other benefits, the domestic investors have to fill up the forms to get the permission from Myanmar Investment Commission (MIC) and then submit the forms to MIC in Nay Pyi Taw. Then, the Proposal Assessment Team will discuss the completed forms. After assessing by the team, MIC will issue the granted letters to the domestic enterprises. —Zin Yaw Aye (Translated by Hay Mar)

Comments

Related posts