Myanmar good start in FY17-18 investment approvals
DESPITE THE softening of growth in gross domestic product last year, Myanmar has done a good job in the new fiscal year by approving nearly US$200 million (Bt6.9 billion) investment by foreign and local firms.
Aung Naing Oo, secretary of the Myanmar Investment Commission and director-general of the Directorate of Investment and Company Administration, said yesterday that this week the commission approved 15 foreign and two local enterprises to do business in the nation.
The approvals were confirmed at the first meeting of the commission this fiscal year. It was held on Wednesday.
According to the approvals, Myanmar would receive $164.37 million from newly approved foreign firms and the expansions of existing enterprises under the Foreign Investment Law.
“Twelve out of the newly approved foreign enterprises are from industry while we approved one each from the livestock and fisheries sector, real estate sector and other sectors,” he said.
The commission also approved two local firms from the industrial and service sectors, which have committed to bringing $11.27 million and 20.24 billion kyat (Bt513.8 million) in initial capital under the Citizens Investment Law.
That means MIC also approved $26.27 million citizen investment at the same meeting, approving a total of $190.65 million of investment – foreign and local. The investment boss said the commission created 9,478 new jobs by allowing this week the enterprises to do business in Myanmar.
