Approval of Investment Limits can be Raised, Official says

The investment commissions of regions and states can apply to raise the maximum investments they can approve if required, says a senior official.

Permanent Secretary of the Ministry of Investment and Foreign Economic Relations U Aung Naing Oo said, if the investments are for development, the regional and state investment commissions can ask to have the limit raised.

At present, regional and state investment commissions have the authority to approve investments of up to US$5 million and K6 billion. Larger sums will require the approval of the Myanmar Investment Commission (MIC).

“Limitations on the approval of investment funds are not inflexible. Business investments of up to US$5 million or K6 billion can be approved locally at the region and state level. If the investments are higher, it needs MIC approval. However, MIC is willing to raise those amounts if the investments are intended for development,” U Aung Naing Oo said at the Kachin Investment Forum last week.

Infra structure development such as roads and telecoms projects are costly and require large sums of funding, he added.

“When we invite project for things such as roads, bridges and telecoms, the amount of money is very large. Communication, roads and bridges are crucial for the development. On the other hand, approval for the sums needed have to be submitted to MIC if it exceeds more than $5million. So, there are difficulties including the expenses and time. If it can be carried out at the state level, it saves a lot for a business and streamlined the development sector,” said U Maung Ring La, executive chair of Myanmar Telecom Gateway Co Ltd.

According to the policy of the Directorate of Investment and Company Administration, states and regions are authorised to form investment commissions to oversee and streamline investment processes while also submitting the relevant information about the investments to the MIC.

Source: The Myanmar Times

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