Press Conference on Permitted Enterprises according to Myanmar Investment Commission Meeting (1 / 2020) was held on 16th January, 2020 at the office of Directorate of Investment and Company Administration in Yangon.
U Thant Sin Lwin, Secretary of Myanmar Investment Commission, Director General of Directorate of Investment and Company Administration gave details the facts related to permitted enterprises and endorsement enterprises under Myanmar Investment Law and the press statement (1/ 2020) was distributed.
Then, he said that there were (4) foreign investment permit and (17) endorsement process during the week, including Myanmar Investment Commission Meeting No. (1/ 2020). The total amount of the investment was US $ (310.451) million which will create (10,102) job opportunities for Myanmar citizens.
In addition, he also highlighted that the CNTIC VPower KY3 Limited will operate a 100% foreign owned investment in Kyaukphyu Township, Rakhine State and the project will generate 658.8 million kilowatt-hours of electricity, 20 percent of the output will be distributed to the local people in Rakhine State and the remaining 80 percent will be distributed to the National Grid.
Therefore, 2019-2020 fiscal years starting on October 1 until January 10 has allowed foreign investment amounted to US $ (1,546.94) million and Myanmar citizen Investment amounted to Kyat 716,451.284 million including US $ 128.400 million.
Finally, the participating media asked the questions and U Thant Sin Lwin, Secretary of Myanmar Investment Commission, Director General of Directorate of Investment and Company Administration replied to the queries. By the end of November 2019, the countries with the largest investment in Myanmar were Singapore, People’s Republic of China, Thailand, Hong Kong and United Kingdom. The top sector is Oil & Gas sector, accounted for 27.04%, followed by the Power sector, accounted for 26.15% and manufacturing sector, accounted for 14.01% of the total permitted amount of foreign investment. A total of (12) reporters from (10) local and international media attended the press conference.
