20 September
BETWEEN 1 October and 14 September in the current fiscal year, domestic investments by Myanmar citizens reached K1,677 billion and US$469.78 million, including expansion of capital by existing enterprises, according to a recent press statement issued by the Myanmar Investment Commission.
During the eleven-and-a-half-month period, 165 local enterprises were allowed to invest in various sectors, with estimated capitals of over K1,416 billion and $376.6 million.
Investments primarily flowed into the real estate sec-tor. Investors also parked funds in the manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to figures from the Directorate of Investment and Company Administration.
To simplify the verification process of investment projects, the Myanmar Investment Law has allowed the regional and state investment committees to endorse local and foreign proposals, where the initial in-vestment does not exceed K6 billion, or $5 million.
While some projects no longer need MIC approval, businesses that are strategic to the government require a permit from the commission. In addition, businesses that have large capital investments exceeding $5 million and projects which may have a possible impact on the environment and the local community need to be approved by the DICA’s proposal assessment team.
With a fast-track way of set-ting up a business in Myanmar having been introduced, investors can apply to the MIC or the state and regional investment committees for endorsement of their investment proposals, depending on the business type.
GNLM
(Translated by Ei Myat Mon)
