MIC nods four foreign projects in October

The Myanmar Investment Commission gave the go-ahead to four foreign projects from China, China (Taipei) and Nepal in October of the current mini-budget period and the capital of US$14.883 million were brought into the country, including expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA).

Those enterprises are to execute in manufacturing and power sectors respectively. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. Myanmar Investment Commission (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. Next, the COVID-19 surge and the political changes led to the drastic fell in FDI sector compared with the previous years. Myanmar attracted foreign direct investment of more than US$3.79 billion in the last financial year 2020-2021 from 48 enterprises.

Source: The Global New Light of Myanmar

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