(Nay Pyi Taw, October 2)
Myanmar Investment Commission (MIC) held its (3/ 2023) meeting in this morning at office No.18, the Union Government Office, Nay Pyi Taw. The meeting was chaired by the member of the State Administration Council, Deputy Prime Minister, Chairman of Myanmar Investment Commission, General Mya Tun Oo and the members of Myanmar Investment Commission participated in the meeting.
The meeting approved six new projects for Power, Manufacturing, Hotel and Tourism sectors and it also approved increase in capital of eight existing projects. The approved projects by the meeting amounted to US$ 72.98 million and kyats 314,739.141 million and the projects are expected to create 2,600 local job opportunities. The approved projects include the project to generate electric power from the renewable energy source.
By the end of August, 2023, the countries with the largest investment out of 52 countries/ regions investing in Myanmar are Singapore, China, and Thailand. The power sector leads the list of most invested sectors out of 12 business sectors with 28.45 % of total investment. This was followed by Oil and Gas sector, accounting for 24.46 % and Manufacturing sector, accounting for 14.38%.
Myanmar Investment Commission oversees and approves project proposals of investment as well as is serving the existing investors under the Myanmar Investment Law.
