MIC approves 14 new investment projects

THE first meeting of the Myanmar Investment Commission (MIC) was held yesterday afternoon in Nay Pyi Taw. State Administration Council Member Deputy Prime Minister and Myanmar Invest­ment Commission Chairperson General Mya Tun Oo and the com­mission members attended the meeting.

The meeting approved one new foreign investment from the capital increase of ongoing investment and 13 new local in­vestment projects in industry, ho­tel, tourism and service sectors. The investment amount of these businesses is US$3.684 million and K345,863.043 million, which can create 1,544 job opportunities.

These businesses included the automobile assembly industry, agricultural equipment produc­tion, hotel service and interna­tional healthcare services.

As of the end of December 2024, among the 53 foreign coun­tries, Singapore, China, and Thai­land are the leading countries with the largest foreign investments in the country. Of 12 sectors, the en­ergy sector accounts for 28.32 per cent by drawing the most signifi­cant investments, followed by the oil and natural gas sector at 24.67 per cent and the manufacturing sector at 14.43 per cent.

The Myanmar Investment Commission oversees and ap­proves investment project pro­posals from locals and overseas, and provides services to the exist­ing investors under the Myanmar Investment Law. — MNA/KTZH