25 March
Between 1 October, 2018 and 15 March, 2019 of current fiscal year, domestic investments made by Myanmar citizens has reached K795.68 billion and US$275.69 million including expansion of capital by existing enterprises, according to Myanmar Investment Commission (MIC)’s recent press release.
There are 76 local enterprises permitted to invest in various sector during five-and-halfmonth period, with estimated capital of over K589.27 billion and $216.54 million.
In the past five and half months, investments flow into real estate, manufacturing, hotels and tourism, construction, industrial estate energy, mining, livestock and fisheries, agriculture and other service sectors, according to figures of the Directorate of Investment and Company Administration.
At the recent meeting of MIC, seven domestic enterprises with estimated capitals of K13.9 billion and US$4.45 million were got endorsements and permits by MIC and Yangon, Magway and Kachin investment committees. They will be executing manufacturing, livestock and fisheries, minerals and other service sectors, creating over 600 jobs.
According to the Myanmar Investment Law, the Regions and States Investment Committees are allowed to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million with an aim to facilitate the verification process of investment projects.
Some projects are no longer need Myanmar Investment Commission approval while some businesses that are strategic to the government require MIC permit. Also, those businesses that have large capital investments exceeding $5 million and possible impact on the environment and local community need to pass DICA proposal assessment team.
Having introduced a fasttrack way to set up a business in Myanmar, investors can apply to the MIC or the State and Regional investment committee for an Endorsement of an investment proposal depending on business types. — GNLM (Translated by Ei Myat Mon)
