The Myanmar Investment Commission (MIC) has approved a total of 31 foreign and local investments in Myanmar in October and November, according to U Aung Naing Oo, the Director-General of the Directorate of Investment & Company Administration (DICA), quoted in state media.
The MIC gave the green light to 24 foreign direct investments (FDIs) worth over US$157 million. The FDIs created 8,845 jobs for local people. The FDIs were in the transportation, communication, electricity and industrial zone sectors.
A total of over US$4.5 billion from FDIs has flowed into 153 Myanmar enterprises, including the Thilawa Special Economic Zone, in the 2017-2018 fiscal year. Seven local investments out of 31 permitted investments are in industrial sector, other service sectors and the hotel and tourism sector. The seven local investments have reached over Ks17,444 million, creating 590 job opportunities for local people, the report said.