During the current financial year 2020-2021, Myanmar Investment Commission (MIC) will give the go-ahead to 24 proposals submitted in the previous FY2019-2020, and they are carefully assessing the projects, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA).
Twenty-four foreign investment proposals have an estimated capital of over US$3.5 billion. The commission is carefully reviewing 24 proposals due to large projects, he added.
“Those proposals required MIC permit as they have large capital investments. We need to assess the projects which are strategic to the government. The five-year term of the incumbent government led by the National League for Democracy (NLD) is going to end. Although the ruling government won enough seats to form the next government, we are advised to do a systematic review to compile all data and statistics for the past five years. The institutions concerned are ensuring check and balance. Therefore, the commission still cannot grant permits on those proposals. The projects have been prepared for evaluation steps. We need discussion with the ministries concerned. We will proceed to permit upon approval of the ministries concerned,” U Thant Sin Lwin affirmed. MIC intends to reach the FDI target of $5.8 billion for the current FY2020-2021.
The country fell short of the FDI target of $5.8 billion in the FY2019-2020 due to the COVID-19 impacts, registering FDI inflows of only $5.68 billion, according to the DICA data. As a result of this, MIC will critique the Myanmar Investment Promotion Plan (MIPP). The commission and Japan International Cooperation Agency will jointly review the MIPP to boost the agricultural, health, industrial and digitization sectors for the post-coronavirus era, the DICA DG stated.
By Nyein Nyein (Translated by Ei Myat Mon)