Mandalay approves investments exceeding K1.4 billion

The Mandalay Region Investment Committee has approved over K1.4 billion in investments since the Myanmar Investment Law was approved in October 2016, U Thike Htoon, assistant director at the Directorate of Investment and Company Administration (DICA), said on Monday.

The investments were approved for the first time after the Myanmar Investment Commission (MIC) established Region and State Investment Committees in accordance with the Investment Law. It is the second largest amount invested in a region after Yangon, the country’s business hub.

“Mandalay enjoys the second highest volume of investments after Yangon. The amount of investment from locals and foreigners has totaled more than K1.4 billion. We have approved over $8 million in foreign investments in Mandalay for the first time,” U Thike Htoon said.

The approved investments include two industry projects and one in agriculture, which will be run by local companies, and two foreign investments in the industrial sector, adding up to five new and approved projects in total.

“The industrial sector has seen the most investor interest, including in finished wood products, fiber businesses and motorcycle assembly services. The investments will create mrore than a thousand jobs in Mandalay,” U Thike Htoon added.

“We will continue to review submissions for projects in other sectors and continue approving them.”

Higher investments are flowing into other parts of Myanmar after implementation of the new Myanmar Investment Law, under which investment committees were formed in nearly all the states and regions.

These committees were formed with the objective of allowing investors to conveniently carry out business across the country. The committees are composed of the regional or state Chief Ministers, who act as chairs. Meanwhile, the other members are the Planning and Finance Minister, the regional Directorate of Industrial Supervision and Inspection, DICA, the Department of Planning, and directors from the regional or state government groups.

The MIC in March 2017 granted authority to State and Region Committees to approve investments of up to $5 million or K6 billion.

Meanwhile, investors can also apply for tax exemption across 191 sectors and depending on the zones, exemptions are granted for periods of 3, 5 or 7 years.

Among the prioritised sectors for investment are agriculture and its related services including value-added production of agricultural products, livestock production, breeding and production of fishery products, export promotion industries, import substitution industries, power generation, logistics, education services, health care, construction of affordable housing and establishment of industrial estates.

So far, 44 businesses from 14 countries have invested in Mandalay Region.

Source: Myanmar Times

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