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Myanmar Investment Commission approves 14 new ventures, including solar power generation

Posted by Content Writer on June 2, 2021

The Myanmar Investment Commission (MIC) has approved 14 new ventures, including solar power generation, according to the Myanmar Investment Commission (MIC) meeting held on 27 January.

The commission is working to increase the capital of four ongoing investment projects, including the solar power sector; Livestock sector Fourteen new businesses were allowed in the real estate and other services sectors. The total investment of these projects is US $ 295.279 million and 153.686 billion kyats.

The licensed businesses will provide employment opportunities for 4,371 local workers.

Among the activities approved by the meeting were Mandalay Region; Scoular Myanmar Co., Ltd. with four 40 MW solar power generation and distribution projects in Sagaing Region and Magway Region and 100% foreign investment in Yangon Region. It also includes pig farming, including a value-added fish production and distribution business to be operated by the company.

The power generation projects approved by the meeting will support the goal of having 100% electricity from the national grid by 2030.

Of the 51 countries / regions that have invested in Myanmar, the largest investors are Singapore, Malaysia and Thailand. The People’s Republic of China and Thailand accounted for the largest share of investment in the 12 sectors of the economy, accounting for 26.13% of total investment; 25.98% of total investment in the oil and gas sector; According to the MOI, 14.57% of the total investment is in the manufacturing sector.

Credit: imyanmar

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