In the first two months of the 2019-20 fiscal year that began on October 1, the Myanmar Investment Commission approved 41 investments totalling US$1.3 billion (K1.9 trillion), DICA statistics show.
DICA said the figure is triple the total of US$465 million for the same period a year ago, indicating increased interest in Myanmar from foreign investors.
The bulk of the investments so far this year, some US$1.2 billion, has gone into real estate and power generation.
A joint venture between China National Technical Import and Export Corporation (CNTIC) and VPower Group of Hong Kong receive approval from the Myanmar Investment Commission on November 29 for an 400 MW LNG power plant in Yangon Region worth US$360 million and a 150 MW LNG power plant in Rakhine State worth US$140 million.
“Myanmar Investment Commission approved the projects by CNTIC and VPower as they will bring more electricity and development to the country,” said U Thant Sin Lwin, secretary of theMyanmar Investment Commission.
Investments in power generation come on the heels of the government’s upward revision of electricity rates in June.
The two power projects worth a total investment US$500 million is followed by the approval of a project by diversified Indian conglomerate Adani Group to construct a port worth US$290 million in Yangon Region.
On November 29, the Myanmar Investment Commission also approved the building of a large commercial development worth US$350 million by Goldman Fortune International of Hong Kong.
The project set to be called the Mindama Complex is expected to include commercial space, serviced apartments, a shopping mall, villas, an office building, condominiums, and a hotel in Yangon Region.
A Thai developer also received approval to build a a smart industrial park in Yangon Region The property development projects are worth a combined total US$767 million and are among the largest investments over the last calendar year.
Hong Kong is now Myanmar’s fourth largest investor with a total US$8.6 billion invested in 223 businesses in the country, DICA says.
FROM : MYANMAR TIMES