MIC gives nod to 6 foreign projects
Six investment projects by foreign companies and three local investment firms have won the investment approvals from the Myanmar Investment Commission (MIC).
The MIC on May 28 welcomed Zayar Aung, the energy minister, as its new chairman. The vice chairman position was also created for the first time. Holding the position now is Htay Aung, the minister of Hotels and Tourism.
Under the new chairman, the MIC convened the first meeting on May 31 to consider 43 investment applications.
Among the projects winning the approvals are a garment factory, a surgical-equipment production project, and petroleum distribution. The six foreign investment projects belong to investors from Hong Kong, Thailand, Indonesia, Korea and China. They either set up joint ventures or wholly-owned subsidiaries to handle the investment, under the Foreign Investment Law.
Among the three projects by local companies, a company plans to export frozen aquatic products. The other twos are involved in the manufacturing of medicine for livestock farming and in the production of construction equipment.
