15 new Myanmar investments approved

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The Myanmar Investment Commission (MIC) has approved 15 investments from foreign companies in the past two months, a time in which the long-awaited Myanmar Foreign Investment Law (FIL) was finally signed, Eleven Myanmar reported.

Of the 15 investments, 10 were approved on October 29 just days before the new law was enacted by President Thein Sein on November 2, with the rest following on November 5.

Twelve of the foreign investments will be in garment factories, or in the glove, clock and watch making businesses. The remaining three are in the brick blocks manufacturing, pipe and accessories manufacturing and plumbing, and animal food production and distribution industries.

Deputy Minister of Commerce Pwint San recently said that the FIL will likely be amended soon due to follow-up discussions with the Union of Myanmar Federation of Chambers of Commerce and Industry, consultancy Thura Swiss reported.

While the specific amendments haven’t yet been announced, Pwint believes that they will be beneficial for the country’s trade and investment sectors. The FIL notably restrict foreign participation in a number of sectors, such as those in agriculture.

Total FDI in the Myanmar manufacturing sector has reached $1.8 million already this year.

The MIC has approved 24 foreign businesses for operation in Myanmar since November 2011.

 

 

 

 

 

 

 

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Reading Time: 1 minute

The Myanmar Investment Commission (MIC) has approved 15 investments from foreign companies in the past two months, a time in which the long-awaited Myanmar Foreign Investment Law (FIL) was finally signed, Eleven Myanmar reported.

Reading Time: 1 minute

The Myanmar Investment Commission (MIC) has approved 15 investments from foreign companies in the past two months, a time in which the long-awaited Myanmar Foreign Investment Law (FIL) was finally signed, Eleven Myanmar reported.

Of the 15 investments, 10 were approved on October 29 just days before the new law was enacted by President Thein Sein on November 2, with the rest following on November 5.

Twelve of the foreign investments will be in garment factories, or in the glove, clock and watch making businesses. The remaining three are in the brick blocks manufacturing, pipe and accessories manufacturing and plumbing, and animal food production and distribution industries.

Deputy Minister of Commerce Pwint San recently said that the FIL will likely be amended soon due to follow-up discussions with the Union of Myanmar Federation of Chambers of Commerce and Industry, consultancy Thura Swiss reported.

While the specific amendments haven’t yet been announced, Pwint believes that they will be beneficial for the country’s trade and investment sectors. The FIL notably restrict foreign participation in a number of sectors, such as those in agriculture.

Total FDI in the Myanmar manufacturing sector has reached $1.8 million already this year.

The MIC has approved 24 foreign businesses for operation in Myanmar since November 2011.

 

 

 

 

 

 

 

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