MIC issues 13 new business permits in August, including one for beer

The Myanmar Investment Commission (MIC) has approved the issuance of 13 permits, including one for a beer joint venture in Mandalay.

Eight foreign businesses and 5 Myanmar citizen businesses were approved at a recent 12/2017 meeting, according to Deputy Director General of Directorate of Investment and Company Administration (DICA) U Than Aung Kyaw.

This includes a JV between Mandalay Brewery and Japan Kirin Co, said U Hla Myo, general manager for Myanmar Economic Holdings (MEC), which owns Mandalay Brewery. MEC also brews Myanmar Beer.

The US$10 million JV will be 51 percent-owned by Kirin and 49pc-owned by Mandalay Brewery.

“The MIC has approved the JV between Mandalay Brewery and Kirin. For now, the plan is to upgrade the existing brewery and if Kirin wants to do more, we will draw up new plans,” U Hla Myo said.

In total, around US$ 190 million in foreign investments and K21.47 billion in Myanmar citizen investments were approved by MIC for the month of August.

Up to August in the 2017-18 fiscal year, 120 foreign investment projects worth a total of US$ 3.14 billion and 45 Myanmar citizen investments worth K1.27 trillion have been permitted by the MIC.

Source: Myanmar Times