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August 13, 2020

Myanmar Investment Commission approves investment proposals including development of Hlegu Industrial Park project

Union Minister U Thaung Tun presides over the Myanmar Investment Commission (MIC)’s regular meeting in Nay Pyi Taw on 31 July 2020. Photo: MNA
Union Minister U Thaung Tun presides over the Myanmar Investment Commission (MIC)’s regular meeting in Nay Pyi Taw on 31 July 2020. Photo: MNA

The Myanmar Investment Commission (MIC) held a regular meeting this morning. The meeting was chaired by Union Minister U Thaung Tun, Chairman of the MIC, Union Minister Dr Than Myint, Vice-Chairman of the MIC and members of the Commission attended the meeting.
The meeting approved 7 new projects in the industry, real estate, hotel and tourism, and manufacturing sectors as well as additional investments in 7 existing projects. The approved projects amounted to USD (462.693) million and Kyat (73,206.5) million.The projects are expected to provide (3,662) job opportunities.
Among the new projects approved by the meeting are Hlegu Industrial Park project worth USD (230.60) million with mainly investment from Sembcorp CSSD Myanmar Co., Ltd. and the AEON large scale Shopping mall project worth USD (180) million from Japan and expected to create over 2,300 jobs.
Notwithstanding COVID-19, both local and foreign investments continue to show interest in Myanmar.
Singapore, People’s Republic of China and Thailand head the list of countries that have invested in Myanmar in the current financial year. Investment in the power sector accounted for (26.52%). This was followed by the oil & gas sector (26.44%) and manufacturing sector(14.28%) of the total permitted amount of foreign investment.—MNA

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