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MIC decides not to include one year and eight months, from May 2020 to the end of December 2021, as investment construction or preparation period

The Myanmar Investment Commission (MIC) has decided not to count one year and eight months from May 1, 2020 to December 31, 2021 as investment construction or investment preparation period, the MIC said in a statement. Investors operating with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee have applied to extend the construction period due to delays in construction or investment preparation due to the Covid-19 epidemic.

The 1st meeting of the Myanmar Investment Commission (1/2022) held on 14 January 2022 decided not to include one year and eight months from May 1, 2020 to December 31, 2021 as of May 1, 2020, in order to compensate for the investment activities that were actually affected by the Covid-19 plague. Therefore, the MIC has stated that it does not need to apply for a permit to extend the construction period if the work is underway with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee. According to the Directorate of Investment and Company Administration, Singapore was the largest source of foreign investment in Myanmar in the first six months, with more than $ 297 million.

In the first six months of the 2021-2022 fiscal year (Mini Budget), the national investment in Singapore was $ 297.349 million, including increased investment. $ 142.137 million from China, including increased investment; Taipei: $ 8.641 million, including increased investment; France $ 0.497 million; Hong Kong provided $ 109.140 million, including increased investment; India $ 0.550 million; $ 5.1 million from Indonesia; $ 4.530 million, including increased investment from Japan; Malaysia raised $ 0.3112 billion, including increased investment; RO K: $ 62.693 million, including increased investment; Samoa has pledged $ 2 million, including increased investment. Seychelles: $ 1.343 million; $ 7 million, including increased investment from Thailand; $ 4 million from the Netherlands, including increased investment; The U.K. raised $ 0.335 billion, including increased investment, Nepal received $ 1.5 million.

Source: Daily Eleven

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