doing business in myanmar – what you need to know as a singaporean
Foreign investment volume reached more than US$5 billion (6.76 trillion kyat) as of the third week of December in FY 2017-2018, reaching above 90 per cent of the target for foreign investment for the year, a source from the Myanmar Investment Commission said.
The Myanmar Investment Commission approved 174 businesses and nearly $4.15 billion up until the third week of December for 2017-2018 FY. The total foreign investment volume including increased investment reached just under $4.78 billion.
Under the Special Economic Zone law, the Thilawa Special Economic Zone accepted an investment of $237.54 million. The foreign investment came to nearly $5.02 billion in total, according to the MIC’s report.
At its December 22 meeting, the MIC considered applications for foreign investments in four businesses and approved two of them.
The investment committee of Yangon Region had already approved five businesses. Moreover, 11 businesses were also approved with an investment of nearly $279.96 million. These businesses are expected to provide 3,125 job for local workers.
The 11 already-approved businesses are for seven businesses in the industrial sector, one in the “other” category of service sectors, one in the electric power sector and two in livestock and fisheries, the MIC report detailed.
The respective investment committees from regions and states are approving investments in additional types of businesses, with a combined target of $6 billion.
MIC is opening offices in the regions and states.
Source: Eleven Myanmar
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