5 more investment enterprises permitted in Myanmar

Source: Xinhua| 2019-07-11 16:39:32|Editor: Wu Qin
Video PlayerClose

YANGON, July 11 (Xinhua) -- Myanmar Investment Commission (MIC) recently permitted five local and foreign investment enterprises, the Directorate of Investment and Company Administration (DICA) said on Thursday.

Local enterprises with 7.83 billion kyats (5.2 million U.S. dollars) investments and foreign enterprises with a capital of 93.2 million U.S. dollars were approved on Wednesday at the commission's meeting led by MIC Chairman U Thaung Tun, who is also union minister of Investment and Foreign Economic Relations.

The permitted investments entered the country's manufacturing, construction and other services sectors, creating over 530 local employment opportunities.

According to the DICA's figures, Myanmar attracted a total of 80.2 billion U.S. dollars' foreign investments from 1,725 enterprises from the fiscal year 1988-1989 to May 31 of the present fiscal year 2018-2019.

The country's oil and gas sector attracted 27.94 percent of total foreign investments while the power sector with 26.4 percent and the manufacturing sector with 13.59 percent.

Regionally, Yangon region attracts 60 percent of both local and foreign investments, followed by Mandalay with 30 percent and the rest flows into other regions and states.