The Mandalay Region government will permit local and foreign direct investments (FDIs), as soon as possible, if the proposals meet the necessary terms and conditions, said Dr. Zaw Myint Maung, Chief Minister of Mandalay Region.
The Mandalay Region Investment Committee was formed in July 2017 after the Directorate of Investment and Company Administration handed over the power to approve FDIs, which do not exceed an initial investment of Ks6,000 million or US$5 million, to the state and region government committees.
“The union government has granted authority to the region governments. The investment committee meeting will be held monthly. We will take a decision based on whether the information given in the investment proposal is correct. If we have questions, we will ask them. After that, we will issue the permitted certificate. We will skip some steps, if possible,” Dr. Zaw Myint Maung added.
The region government gave the green light to five FDIs worth $13.633 million and nine local investments worth Ks23.129 billion from August 2017 to June 2018. Also, the union government approved 62 FDIs worth $3.262 million and 154 local investments worth Ks4,872 billion from August 2017 to June 2018.
“The region government approved the investment proposals after checking four objectives, including environmental conservation, creation of job opportunities for the local people, economic growth and MIC permission. The region government already has its own policy, said the Chief Minister.
The Mandalay Region government will issue permits rapidly when the investment proposals are submitted with the MIC letter, paid tax receipt, fire services department recommendation and business licence.
Khine Sat Wai