MIC meeting 1/2023 approves 8 new businesses including renewable energy-generating electricity

THE meeting 1/2023 of the Myanmar Investment Commission was held yesterday morning at the Union Government Office in Nay Pyi Taw. SAC member Myanmar Investment Commission Chair Lt-Gen Moe Myint Tun and members of the commission attended the meeting.

MIC greenlighted the expansion of the capital in eight ongoing investment projects and new investments in the electricity sector, the transport and communications sector, the petroleum and gas sector, the industrial sector, the hotels and tourism sector and the service sector. The investment amount of these businesses is US$143.634 million and K98,078.094 million generating 1,374 domestic job opportunities. The production of electricity from renewable energy was also approved.

Out of 52 countries and territories investing in Myanmar, Singapore, China and Thailand ranked the largest shares of investments as of end-January 2023. Among the twelve economic sectors, the most invested sectors are 28.30 per cent of the total investments in the electricity sector, 24.63 per cent in the petroleum and natural gas sector and 14.34 per cent in the industrial sector. Myanmar Investment Commission oversees and approves project proposals of investment as well as is serving the existing investors under the Myanmar Investment Law.

Source: The Global New Light of Myanmar

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