MIC Announces Housing and Industrial Projects

The Myanmar Investment Commission (MIC) announced a national low-cost housing construction project and industrial land building project. They will be among the top-10 prioritised projects supporting both domestic and foreign investors in those sectors.

“After the MIC announced low-cost housing projects as top-priority projects, some foreign and local developers are now interested to invest in the sector,” said U San Myint, deputy director of the Directorate of Investment and Company Administration (DICA) under the MIC.

The MIC will transfer applications for the low-cost housing projects to related regional governments, which will oversee their implementation once those projects receive the green light, he said.

“[The] MIC will negotiate with the related regional governments for the applicants who want to invest in low-cost housing projects around the country… the regional government must give the applicants land to build the units. Once settled, the MIC will approve the implementation,” said U San Myint.

The MIC has said that it will support projects in prioritised sectors, which includes agriculture, fishery, export products, import-oriented products, electricity, transportation, education, health, low-cost housing and industrial land construction.

To develop the country’s economy, the first step is increasing FDI. If FDI does not increase, economic development is halted, said U Kyaw Kyaw Hlaing, chair and CEO of the SMART Group of Companies.

“Singapore received US$50 billion from FDIs in 2016 ranks the highest in the World Bank’s ease of doing business index. Our country [which is much larger], has just $64 billon in GDP in 2016 and ranks 167 on the index,” he explained.

This year, Myanmar’s rank has fallen to 170 on the index. “It is harder to start a business now than last year, U Kyaw Kyaw Hlaing added.

U Aung Min, director of Myat Min Construction said, “It is harder to implement some construction projects under the NLD-led government than U Thein Sein’s previous administration.”

“[The] MIC approved the development of the industry and after getting approval, officials from the Ministry of Construction complained that a township cannot build a factory [which needs approval from the Yangon City Development Committee]… environmental experts expressed concerns [regarding waste management]… [and] heritage experts were also concerned about any plans to build new buildings [high-rises] in some areas – which makes implementing the housing sector difficult for investors,” he said.


Source: Myanmar Times

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.