MIC to accelerate approvals for labour-intensive, healthcare investments

The Myanmar Investment Commission (MIC) will accelerate approvals for investments in labour-intensive and infrastructure projects, MIC secretary U Thant Sin Lwin said last week.

This is to ensure as many workers find jobs as possible to offset the impact of lay-offs in other sectors such as manufacturing and tourism.

The MIC will also accelerate approvals for healthcare and medical equipment businesses, including those involved in manufacturing supplies such as face masks. It will also prioritise pharmaceutical enterprises, healthcare service providers, U Thant Sin Lwin said.

“We are continually watching the possible impact of COVID-19 on Foreign Direct Investments (FDI) and will prioritise investors who are able to provide more jobs and contribute to preventing and fighting COVID-19,” he said.

The MIC received US$3.2 billion worth of FDI from 154 permitted business as well as capital raising from existing projects in the current fiscal year from October 1, 2019 until April 7, 2020, according to MIC data.

While, business operations are slowing as a result of COVID-19 in Myanmar, U Thant Sin Lwin said there is so far no decline in investment proposals or withdrawals and cancellations in permit applications and approved projects.

“Currently, we are still receiving investment proposals and permit applications from the garment manufacturing sector even though many factories have stopped operations as a result of COVID-19,” he said.

The MIC on April 3 approved US$555 million and K15 billion for 11 new projects in the manufacturing, construction and services sectors. Meanwhile, more capital was injected into 13 existing projects. The projects are expected to create 3,234 job opportunities for Myanmar citizens.

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Source : Myanmar Times

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