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Power sector tops FDI line-up as of June-end

The power sector is ranked first with the largest foreign direct investment in the past nine months (Oct-Jun) of the current financial year, according to statistics provided by the Directorate of Investment and Company Administration (DICA). During the October-June period, FDI of over US$3.76 billion, including expansion of capital and investments in the Special Economic Zones, has flowed into the country. MIC and the investment committees of states and regions gave the green light to 44 enterprises to invest in the country. The quantum of investment in power is higher than in any other sector this year, with an estimated capital of over $3 billion.

In May, Myanmar Investment Commission (MIC) permitted one large project from the UK with capitals of US$2.5bn for the construction of a liquefied natural gas (LNG) power plant. The electricity generated by this project will be sold domestically and is expected to support the goal of 100-per-cent nationwide electricity from the national grid by 2030. Of 44 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 30 June of the current FY, 23 enterprises pumped FDI into the manufacturing sector with an estimated capital of $256 million. The power sector received the largest FDI of $3.12 billion from six projects and the livestock and fisheries sector attracted six projects worth $19.2 million.

Other service sectors drew five projects ($103 million) while the agriculture sector pulled two projects ($9 million) and one foreign enterprise each entered industrial estate with capital of $81 million and the hotel and tourism sectors bringing in the capital of $28 million. Additionally, the existing enterprises raised capitals of $133.5 million in the transport and communications sector and $8 million in the real estate sector as of end-June. MIC ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. 

Source: The Global New Light of Myanmar

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CBM allows taking out of cash amount beyond the limited for COVID-19 measures

According to the letter sent by the Central Bank of Myanmar to the banks in the country on 28 July stated that cash can be delivered for COVID-19 measures, depending on the remaining cash amount in line with the policy of respective banks, beyond the restriction that allowing each person to take out K2 million and each company and organization, K20 million from respective banking accounts on a weekly basis. The statement signed by the Deputy Governor of the Central Bank of Myanmar was distributed that the COVID-19 rapidly spreads in Myanmar.

If those wishing to take out the cash submit the firm evidence to purchase medicines, oxygen, oxygen plants and accessories for giving treatment of COVID-19 to the people and cost the expenses for hospitals, clinics and quarantine centres, systematically scrutiny must be undertaken, and that cash can be issued depending on the remaining cash amounts in line with the respective banking policies beyond the restriction that allowing each person to take out K2 million and each company and organization, K20 million from respective banking accounts on a weekly basis, referred to letter MaBaBha/FIS (28/2021) dated 1-3-2020 of the Central Bank of Myanmar.

The statement was distributed to State-owned banks, private banks, foreign banks, bank branches and subordinate banks. As now is the time of breaking out COVID-19, taking out of cash from the banks are allowed beyond the restrictions, said Vice-Governor Daw Than Than Swe of the Central Bank of Myanmar. 

Source: The Global New Light of Myanmar