MIC greenlights fourteen new investment proposals including four solar project

The Myanmar Investment Commission (MIC) held its first meeting for the year yesterday via videoconference. The meeting chaired by Union Minister for Investment and Foreign Economic Relations and Chairman of the MIC, U Thaung Tun was attended by Vice-Chairman Dr Than Myint, Union Minister for Commerce and members of the Commission.

The meeting approved 14 new investments proposals and increase in capital in 4 existing projects. The approved investments in the energy, fisheries, real estate and services sectors totalled US$295.279 million and Kyat 153.686 billion. The projects are expected to create 4,371 job opportunities. The approved projects include four 40-MW solar power projects in Mandalay, Sagaing and Magway Regions as well as a fish meal factory proposal submitted by Scoular Myanmar Co., Ltd.

The solar power projects are in keeping with Myanmar’s commitment to tackle climate change. At the virtual Climate Ambition Summit held on 12 December 2020, the State Counsellor announced Myanmar’s intention to submit its Nationally Determined Contribution (NDC). The NDC will aim to reduce over 243 million tonnes of carbon dioxide by increasing the share of renewable energy to 39% and reducing the net emission from the forestry sector by 25%. It is learnt that Singapore, the People’s Republic of China and Thailand head the list of 51 countries investing in Myanmar. 

Source: The Global New Light of Myanmar

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KB Bank Myanmar kicks off its financial services in Yangon

THE KB Bank Myanmar launched its financial services as the first subsidy of the foreign bank yesterday. The opening ceremony of the bank was held at the Lotte Hotel in Yangon and was attended by Yangon Region Chief Minister U Phyo Min Thein, Korean Ambassador to Myanmar Mr Lee Sang hwa, Chairman of Korean Association in Myanmar, President of KOCHAM Mr Park JeongHwan, President of UMFCCI U Zaw Min Win and other officials.

The KB Bank Myanmar is the first subsidy of the foreign bank of Korean KB Kookmin Bank and awarded a banking licence by the Central Bank of Myanmar on 23 December 2020. The bank is opened at 104 University Avenue Road in No (9) Ward o Kamayut Township of Yangon and will serve banking services with new technologies like other local banks.

The CEO of KB Bank Myanmar said,” The bank will offer all banking services like other local banks. It started opening the saving accounts on 11 January. We will keep offering mobile banking services and foreign remittance services in the coming weeks.” The KB Bank Myanmar Ltd will operate 10 branches in Myanmar- 5 in Yangon Region and another 5 in other regions and states during five years.

Source: The Global New Light of Myanmar