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July 16, 2020

MRIC endorsed 79 foreign projects, 179 domestic proposals as of Dec

The Mandalay Region Investment Committee has endorsed 79 foreign projects from more than 16 countries and 179 domestic proposals since its establishment until December, 2019.
The foreign projects pulled in a capital of US$3.97 billion, which flowed mostly into manufacturing, power, and other services sectors, while domestic businesses put in more than K5,249 billion, especially in infrastructure building, manufacturing, and other services sectors, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
Under the new Myanmar Investment Law which was enacted in 2017, the Myanmar Investment Commission has delegated the power to endorse investment projects to region and state authorities to promote business. The Mandalay Region Investment Committee was formed to allow local and foreign investors to invest in the region.
According to statistics released by the Directorate of Investment and Company Administration, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states get only a small share of investments.
To simplify the verification of investment projects, the Myanmar Investment Law allows the Region and State Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.
“An Investment Promotion Committee (IPC) has been formed this year. Manufacturing enterprises will have to operate their businesses under the IPC’s guidance,” said U Thant Sin Lwin.
“Foreign investments have flowed into the country from various countries. Earlier, China was the main investor in Myanmar. This year, Singapore has topped on the list as some Western countries have invested in Myanmar through Singapore,” he added.
Starting from 1 August, 2018, a more favourable Myanmar Companies Law has been practiced, and more investments have flowed in under the incumbent government’s term than under the former administration. – Tin Zar Hlaing (IPRD) (Translated by Ei Myat Mon)

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