MIC approves new investment projects
Play
The Myanmar Investment commission has given the approval for five business ventures and two five-star hotels.
Myanmar Investment commission has given the approval for five business ventures and two five-star hotels.
Among the newly-approved business ventures, two belong to foreign companies.
At the April 26 meeting, the MIC approved the registration of a clothing firm from Hong Kong and a Korean garment factory. They will start their respective operations in Mingaladon and South Dagon townships, Yangon.
Three local firms would also commence work on a road toll collection and two hotel projects.
Myat Noe Thu Construction was authorised to collect toll on Nyaung Oo-Pakkoku-Myaing-Linkakaw-Monywa road. And Myat Min would carry out the hotel projects in Nyaung Shwe Township, Shan State.
Meanwhile, privately-owned Myat Min Co is given the go-ahead for the construction of two five-star hotels in Nyaungshwe, Taunggyi district of southern Shan State.
The two properties will be constructed on an 11-acre land plot in Mongthauk village tract, Nyaungshwe Township, and a 9-acre land plot in Thaleoo village tract, Nyaungshwe Township.
According to the press release from the Ministry of Hotels and Tourism, there are 175 licensed hotels in Shan State with a total of 5,303 rooms.
Most of the applications submitted by local businesses for the MIC’s approval concern hotel construction projects. They are either located in the hotel development zones or on the military land under the long-term lease.
