TODAY

Fourteen citizen enterprises permitted to invest nearly US$56million

FORTEEN citizen enterprises were granted permission by the Myanmar Investment Commission (MIC) will make investment of nearly US$56 million, it is learnt from the Directorate of Investment and Company Administration.

According to Myanmar Investment Law, there are total of 1,190 citizen enterprises granted permits by MIC with investment worth 7,858.879million from 1994 to as of end of March 2016. The number of Myanmar citizen enterprises reached 1,204 as of 19^th August, with investments totaling US$7,914.551 million; it is learnt from the statistics of DICA.

MIC scrutinizes the proposed enterprises and grants permission depending on profitability, job opportunities, revenue, local and foreign market conditions, requirements of local consumption, sharing of technology, environmental impact and the liability of the investment companies under the existing laws, it is learnt.

MIC approved nine local and foreign enterprises to make investments, according to a 19 August meeting held by MIC. Out of nine investment enterprises, the four foreign investment enterprises will make an investment of US$42.077million whereas the other five citizen enterprises will invest US$20.502million, totaling US$62.57million, it is learnt.

These newly permitted foreign enterprises will be engaged in the industrial, hotel, transportation and communication sectors whereas the five Myanmar citizen investment enterprise will make investments in live-stock, fishery, hotel, electric power, transportation and communications sectors and other services, it is learnt.

Ref: GNLM, 25 August 2016

Singapore has invested the most in Thilawa SEZ

SINGAPORE stands at top out of 14 foreign countries currently investing in the Thilawa Special Economic Zone (SEZ), with an investment of US$372.147million, it is learnt from a meeting held by the Directorate of Investment and Company Administration (DICA).

The current investments at Thilawa (SEZ) total US$830million, whereas these from 2014-2015 fiscal year to July, 2016 were US$838.305million, with 68 enterprises operating in this zone. Japan is in second place after Singapore, it is learnt from Planning and Statistics Division under DICA.

European and American companies have also come to invest in Singapore. That means they have incorporated in Singapore to enjoy the benefits of ASEAN Economic Community (AEC). Most of foreign countries make their investment in Myanmar through Singapore, it is learnt.

The 12 industries, including a garment factory and an auto parts factory, have commenced operation in Thilawa SEZ. Other enterprise produce raw materials, garments, aluminum products, plastic products, zinc products, internet service, auto and medicine, it is learnt.

Some factories began operation in early 2016 whereas three factories commenced operation last month. Other factories will be constructed after the monsoon season.

Ref: GNLM, 25 August 2016