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December 07, 2019

Over 100 domestic enterprises invest during current fiscal year

File photo shows ariel view of Yangon’s real estate, which draws in a considerate way of investment from local people.  Photo: Phoe Khwar

One hundred seven domestic enterprises received permission to invest K821.5 billion between 1 October, 2018 and 29 May, 2019, according to the Directorate of Investment and Company Administration.
Overall domestic investments made by Myanmar citizens exceeded K1,039 billion in the current fiscal year, including capital expansion by the existing enterprises.
The domestic investments were concentrated in real estate, manufacturing, hotels and tourism, construction, industrial estate energy, mining, livestock and fisheries, agriculture and other service sectors, according to the DICA.
Under the Myanmar Investment Law, region and state investment committees are authorized to endorse investment proposals with capital of not more than $5 million (K6,000 million), in order to simplify the verification of investment projects.
While some projects no longer need MIC’s approval, businesses that are strategic to the government require an MIC permit. Businesses with large capital investments exceeding $5 million and projects which can impact the environment and the local community need to receive approval from the DICA proposal assessment team. Such projects usually involve State-owned land or are designated by the Government.
In order to fast-track the setting up of businesses in Myanmar, the government is currently allowing investors to apply to the MIC, or State and Regional investment committees, for endorsing their investment proposals, depending on the business type. — GNLM
(Translated by Ei Myat Mon)

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