YCDC digital construction permit platform receives over 1,000 applications

YANGON City Development Committee (YCDC) has received over 1,000 applications through Yangon Building Permit System (YBPS) during five months since its establishment. The YBPS provides Building Completion Certificate, building permit, a notice of inspection approval, minor building work approval, technical, administrative information and other managerial procedures.The system is designed to boost private investments in the city. It is initiated by International Finance Corporation (IFC), a member of World Bank Group, with the aims to reduce some procedures and paperwork in seeking construction permits, and cut frequent meetings and unnecessary disputes between the staff and applicants.

The registered engineers, architects and landowners can apply for the permit through online platform anytime and anywhere. This is a great reform amid the COVID-19 crisis. It has made us more technologically advanced and helped us become more conscious about environmental sustainability by adopting a paperless process, she continued.Additionally, the initiative, with support from the Foreign, Commonwealth and Development Office of the UK, the Australian Department of Foreign Affairs and Trade (DGAT) has helped modernize the system and provide new software and training for staff. It is a one stop source for those developers to obtain a construction permit.

Myanmar construction sector accounts for five per cent of the labour force (about 1 million workers), it has among the highest earning potential for people.Streamlining the construction permit process is helping to improve transparency, cut red tape and speed up processing for permits which will ultimately improve the overall investment climate in Yangon. This is part of IFC’s larger effort to support the development of the private sector and spur the job creation.

Source: The Global New Light of Myanmar

Domestic investments hit K1,700 bln in 11 months, up over K300 bln against previous FY

INVESTMENTS by Myanmar citizens in the country exceeded K1,700 billion in the past 11 months of the current financial year2019- 2020, an increase of over K300 billion compared to the corresponding period of the previous FY, according to data released by the Directorate of Investment and Company Administration (DICA). Between 1 October and 28 August in the current FY, 118 local enterprises were allowed to invest in the country by the Myanmar Investment Commission and the state and region investment committees.

Domestic investments have reached K1,710 billion so far, including the expansion of capital by existing enterprises, as per the DICA’s data.Domestic investors pumped K1,368 billion into 151 projects in the corresponding period of the 2018- 2019 financial year. This FY, the number of enterprises permitted was 33 less than the previous year. However, the quantum of investment was more extensive compared with the yearago period as the business with large capital flowed into the country, the DICA stated.

During the 11 months, the real estate development sector pulled the most massive domestic investments, followed by manufacturing and other service sectors. The domestic investments also flow into hotels and tourism, agriculture, oil and gas, transportation and communication, construction, livestock and fisheries, mining, and power sectors. In contrast, industrial estate out of 12 domestic investment sectors attract zero investment in the current FY, the DICA stated.

Source: The Global New Light of Myanmar