30 December 2020

The Myanmar Investment Commission (MIC) held its final meeting for the year today via video conference.

The meeting, chaired by Union Minister for Investment and Foreign Economic Relations and Chairman of the MIC U ThaungTun, was attended by Vice-Chairman Dr.Than Myint, Union Minister for Commerce and members of the Commission. 

The meeting approved 5 new investments proposals and an increase in capital in 4 existing projects. The approved investments covered the energy, fishery, hotel and services sectors and totaled US$ 138.178 million and K109.204 billion.The projects are expected to create over 4,000 job opportunities. 

The new projects approved by the MIC include two 30 MW solar power projects in Sagaing Region and a shrimp farm project in Tanintharyi Region.

The solar power projects are in keeping with the commitment made by State Counsellor Daw Aung San Suu Kyi to tackle climate change in her address to the virtual Climate Ambition Summit held on 12 December 2020. In her statement, the State Counsellor announced Myanmar’s intention to submit its Nationally Determined Contribution (NDC) by the end of the year. 

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, People’s Republic of China and Thailand  currently head the list of 51 countries/regions investing in Myanmar. Investments in 12 sectors include -- 26.11 % in the electricity sector,     26.03 % in the oil and gas sector and 14.58 in the manufacturing sector.