MIC greenlights 70 foreign projects worth $1.47 bln in ten months

The Myanmar Investment Commission nodded 70 foreign projects from eight countries in (April-January) of the cur­rent financial year 2022-2023. The country attracted a capital of US$1.476 billion this FY, in­cluding the expansion of capi­tal by the existing enterprises, according to the Directorate of Investment and Company Ad­ministration (DICA).


Those enterprises are en­gaged in agriculture, mining, manufacturing, electricity, ho­tels and tourism, real estate and service sectors respectively.


Singapore is the top source of FDI this FY, with 15 Singa­pore-listed enterprises pump­ing FDI of US$1.157 billion into Myanmar. Hong Kong SAR stands as the second largest investor this FY with an estimat­ed capital of over $165 million drawn from 12 projects. China is ranked third in the investment line-up with more than $105.55 million from 36 projects.


Two each from the Repub­lic of Korea and China (Taipei) put investments into Myanmar, while one enterprise each from Belize, Japan and the UK also made investments in the past ten months respectively. The existing enterprises from Bang­ladesh, Japan, Seychelles, China Taipei, China, Hong Kong SAR, the Republic of Korea, India, Thailand, the UK, Thailand, Switzerland and Samoa also increased investments.


Myanmar drew FDI of $647 million in the 2021-2022 mini-budget period (October to March), DICA’s statistics in­dicated.


The Ministry of Investment and Foreign Economic Rela­tions has been inviting respon­sible businesses to benefit the country.


The Myanmar Investment Commission (MIC) ensures the approval of responsible busi­nesses by assessing environ­mental and social impacts. The commission is working together with the relevant departments to screen the projects as well.


MIC will prioritize manu­facturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical supplies, agriculture and live­stock farming and related indus­tries and public transportation services for investments. — KK