Myanmar Investment Commission (MIC) approved seven more businesses to invest in manufacturing, housing estate, hotels and tourism and service sectors which will create 4,915 local job opportunities

Myanmar Investment Commission (MIC) has approved seven more businesses to invest over US$347 million and over Ks23.4 billion in manufacturing, housing estate, hotel and tourism and service sectors. 

The meeting (13/2020) of MIC took place through a video conferencing on September 29, according to the Ministry of Investment and Foreign Economic Relations. 

The meeting also allowed four existing businesses to extend their investments. 

With the new investments of US$347.85 million and Ks24,311.255 million, 4,915 local jobs will be created. 

Over the past four years under the incumbent government’s term, Foreign investments have flowed to Myanmar in the areas of transport and communication, manufacturing, property market, energy, hotel and tourism, livestock and fisheries, oil and gas, industrial zone, agriculture, mining and other services.

The transport and communication sector has seen the largest investment (over 26%) of over US$6 billion by 29 businesses, the manufacturing sector the second largest investment (over 25%) of nearly US$6 billion by 695 businesses and the energy sector the third largest investment of about US$3 billion by 19 businesses. 

Twenty four businesses have invested over US$700 million in the hotel and tourism sector and 36 businesses over US$450 million in the livestock and fishery sector. 

(Eleven Media Group: https://elevenmyanmar.com/news/mic-approves-7-more-businesses-to-invest-over-347m-over-ks234-bn )

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