(Nay Pyi Taw, November 3)
Myanmar Investment Commission (MIC) held its (5/2021) meeting this morning at office No.18, the Union Government Office, Nay Pyi Taw. The meeting was chaired by the member of the State Administration Council, Chairman of Myanmar Investment Commission, Lieutenant-General Moe Myint Tun and the members of Myanmar Investment Commission participated in the meeting.
The meeting is the first time of the 2021-2022 fiscal year (short term)and approved (13) new projects for agricultural, hotel and tourism, manufacturing, and other services sectors and it also approved the increase in capital of (19) existing projects. The approved projects amounted to US$ (204.838) million and kyats (225,520.015) million and (2,972) job opportunities are expected to be created.
According to the Myanmar Investment Promotion Plan (MIPP), the amount of investment targeted for the last fiscal year(2020-2021) was US $ 5.8 billion, although, there was the impact of the COVID-19 on the economy around the world, the amount of investment in Myanmar reached nearly 3.8 billion US dollar which was over 65 % of the investment target for the last fiscal year.
By the end of September 2021, the countries/ regions with the largest investment out of 51 countries investing in Myanmar are Singapore, China, and Thailand. The electric power sector leads the list of most invested sectors out of 12 business sectors with 28 % of total investment. This was followed by Oil and Gas sector, accounting for 25.18 %, and the Manufacturing sector, accounting for 14.26%.