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Myanmar permits 14 new investment proposals from home and abroad

Myanmar permits 14 new investment proposals from home and abroad

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YANGON : The Myanmar Investment Commission (MIC) gave the greenlight to 14 new investment proposals which can create 4,371 local employment opportunities, according to the Information Ministry on Thursday.

The 14 investment proposals, which were approved at the commission’s first meeting for the year 2021 on Wednesday, engaged in the energy, fisheries, real estate and services sectors with the investment capital of 295.2 million U.S. dollars and 153.6 billion kyats (115.5 million U.S. dollars).

Of them, four projects were 40-megawatt solar power projects in Mandalay, Sagaing and Magway regions, in keeping with Myanmar’s commitment to tackle climate change.

State Counsellor Aung San Suu Kyi made commitments to tackle climate change at the virtual Climate Ambition Summit which was held in December last year.

Suu Kyi announced the country’s intention to submit its Nationally Determined Contribution (NDC), aiming to reduce over 243 million tons of carbon dioxide by increasing the share of renewable energy to 39 percent and reducing the net emission from the forestry sector by 25 percent.

According to the latest figures from the Directorate of Investment and Company Administration (DICA), Myanmar attracted 348.8 million U.S. dollars’ foreign investment as of Dec. 31 in present fiscal year (FY) 2020-2021 which started in October last year. Enditem

Source : xinhuanet
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Anand Gupta Editor - EQ Int'l Media Network