MIC meeting: MIC green-lights fifteen new investment proposals

Myanmar Investment Commission (MIC) held its (3/2021) meeting in the morning on Friday at the office No.18, Office of the State Administration Council.

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 approved fifteen new projects for electricity generation, livestock, manufacturing and other services sectors and it also approved an increase in capital of two existing projects.

The approved projects amounted to over 2.7 billion USD and over 15 billion Kyats and 2473 job opportunities are expected to be created. In today’s meeting, the project to generate electric power from LNG with a large capital intensive investment amount of 2.5 billion USD is included in the approved projects.

The electricity generated by the power plant will be 100% sold domestically and it is expected to support the goal of 100% nationwide electricity from the national grid by 2030.

By the end of April 2021, the countries with the largest investment out of 51 countries/regions 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 26.57% of total investment. This was followed by Oil and Gas sector, accounting for 25.72% and manufacturing sector, accounting for 14.61%.