Between 1 October and 24 January in the 2019-2020 financial year, domestic investments made by Myanmar citizens reached K748 billion including US$134.46 million, including expansion of capital by existing enterprises, according to a press released issued by the Myanmar Investment Commission (MIC).
The commission endorsed 39 local enterprises, with estimated capital of over K647.68 billion including $113.5 million, in the past four months. Those enterprises will invest in various sectors.
Domestic investments flowed into real estate, manufacturing, hotels and tourism, construction, industrial estate, energy, mining, livestock and fisheries, agriculture, and other services sectors, according to figures provided by the Directorate of Investment and Company Administration.
At a recent meeting of the MIC, eight domestic enterprises, with estimated capitals of K31.45 billion including $6.06 million, were endorsed including permitted by the MIC and the investment committees of Yangon, Mandalay, and Taninthayi regions. They will be executing projects in the manufacturing, hotels and tourism, real estate development, and other services sectors, creating over 950 jobs.
To simplify the verification process of investment projects, the Myanmar Investment Law allows region and state Investment Committees to grant permissions to local and foreign proposals, where the initial investment 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 that may have an impact on the environment and the local community need to be approved by the DICA proposal assessment team.
With the introduction of a fast-track way to set up business in Myanmar, investors can apply to the MIC or state and regional investment committees for getting investment proposals endorsed, depending on the business type. — GNLM
(Translated by Ei Myat Mon)
