The Sagaing Region Investment Committee (SRIC) has endorsed 29 domestic proposals, with an estimated capital of US$4 million and K34 trillion, and a $1-million foreign project as of end August.
The enterprises will be engaged in water parks and gardens; crop drying, categorizing, and rice milling and processing activities; manufacturing and marketing of concrete pillars; manufacturing of motorcycle parts and accessories; manufacturing of special bamboo furniture; hotel services; packing and wrapping equipment suppliers; and private schools.
Under the Myanmar Investment Law, the region and state Investment Committees are allowed to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. This is aimed at simplifying the verification of investment projects.
Some projects no longer need the Myanmar Investment Commission’s approval, while some businesses that are strategic to the government require MIC permits. Also, those businesses that have large capital investments exceeding $5 million and could have a possible impact on the environment and the local community need to be passed by the DICA proposal assessment team. Having introduced a fast-track way to set up a business in Myanmar, investors can apply to the MIC or the state and regional investment committees for an endorsement of an investment proposal, depending on the business type. – Myo Win Tun(Monywa)
(Translated by Ei Myat Mon)