Myanmar Investment Commission (MIC) gave approval to some new foreign businesses to carry out hundred-percent foreign investments in power production and garment manufacturing.
Singapore-based power companies, UPP Holdings Ltd and UPP Greentech Pte Ltd, were given approval for producing and selling electricity as wholly-owned businesses at Ywama power station in Yangon Region.
Two garment factories, one from Hong Kong and another from the UK, were also approved as hundred-percent foreign investments to engage in cutting, making and packing (CMP) clothes.
Thailand-based North Star Manufacturing Co Ltd was allowed to form a joint-venture with a local partner and to set up a garment factory with CMP system at Hlaing Tharyar Industrial Zone (5) in Yangon Region.
The total amount of foreign investment in Myanmar reached over 43 billion at the end of August, with China being the largest investor in the country followed by Thailand and Hong Kong.
Major portions of the foreign investments are in oil and gas, energy and mining sectors.
Source: ELEVEN
