MIC in an announcement on its website December 26 said it “welcomes foreign investors and Myanmar citizen investors to invest in logistics services” in major cities and trading hubs.
Investments are needed in dry port services, bonded warehouses services, highway bus and freight terminals, warehouses, and wholesale centers, it said.
On December 22, the commission also released an invitation to foreign and domestic investors to invest in the manufacture of several “import-substitute commodities.” It said MIC will “provide necessary assistance to investors to get land, electricity required for the business and scrutinize business proposals promptly for the investing in these investment areas.”
Welcome, it said, are investments in the manufacture of the following commodities: different types of vehicles and vehicle-related fixtures and parts of machines; tractors and trailers; telephone and telecommunication equipment; machines and equipment; electricity distributing and control apparatus; iron and steel; fertilizers; raw plastic materials; paper; synthetic fibers; edible oil; medicines; and cosmetics products.
According to statistics, over US$4.5 billion in foreign direct investments (FDIs) have entered the Southeast Asian country so far in the present fiscal year 2017-2018. The target for this year is over $6 billion.
The industry sector has taken 35% of the total investment while the real estate sector accounts for 24%.
In fiscal year 2016-2017, the country attracted over $6.8 billion in FDIs.
Meanwhile MIC held a meeting December 22 to review investment proposals, and decided to issue nine investment permits and two endorsements for proposals that meet the provisions of the Myanmar Investment Law.
Photo courtesy of MIC