Thursday, May 4, 2017

3,400 jobs created by recently permitted enterprises

May 3, 2017
The Myanmar Investment Commission (MIC) permitted 20 more enterprises under the Foreign Investment Law and the Myanmar Citizens Investment Law in the current Fiscal Year 2017-2018,
creating 3,424 job opportunities, it was learnt at the MIC meeting held on Tuesday.

There are 11 Myanmar citizens enterprises, seven joint ventures and two foreign-owned enterprises in various fields including: manufacturing and marketing; international port service; a medical clinic; electricity generation; real estate, hotel services, network facilities service and a forest reserve, according to an announcement of the Directorate of Investment and Company Administration (DICA). Over US$160million of investments were permitted to put into Myanmar and a total of 9,478 job opportunities were created from the 17 permitted enterprises, according to the very first Myanmar Investment Commission meeting held on 5th April in the current FY.

The FDI flowing into the country in the previous FY 2016-2017 hit over US$6.8billion, which exceeded the expectation of US$6billion, mostly into industrial manufacturing and transport and communication sectors. The foreign investments enter these sectors; oil and gas, power, transport and communication, manufacturing, real estate, mining, hotel and tourism, livestock and fisheries, agriculture, industrial estate, construction and other services, according to DICA. Foreign direct investment (FDI) of over US$6billion is likely to flow into the country this Fiscal Year 2017-2018, according to the DICA.

Ko Htet

Ref; The Global New Light of Myanmar

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