Mandalay investment commission approves 10 projects

Mandalay Investment Commission has approved five domestic investments and five foreign investments, totalling 10 investments within nine months since it was established, according to the regional Directorate of Investment and Company Administration.

“After the new Investment Law was enacted, it has become more convenient for investors. The process didn’t take long either, compared to the past. The regional investment commission approved 10 proposals in total – seven during last year and three in the six-month budget period,” U Thaik Tun said.

US$13.653 million for five foreign investments and K1,280 million for five domestic investments were approved and most are in the industrial sector, but also include hospitality and agriculture sectors.

The new Investment Law was implemented last year and regional investment commissions were set up. Under the new legislation, trhe regional commissions can approve investments of up to US$5 million or K6 billion.

In Mandalay Region, the current investment volume is US$3244.995 million based on 60 permits and K4,900 billion from 148 permits under the Myanmar Investment Commission, Daw Nwe Ni Oo from the regional DICA said.

Source: Mmtimes