Myanmar: Approved investment passes US$6b
As the 2016-17 fiscal year enters its final months the Myanmar Investment Commission’s approved investment total stands at over US$6 billion – some $2.5 billion of which was approved in just the last three weeks.
The MIC approved $3.5 billion between April 1 and December 31, with the latter date marking the cut period for applications under the old investment laws. Myanmar had separate pieces of legislation to govern for foreign and local investment that were supplanted by the new Myanmar Investment Law, which was passed in October.
Investment applications from January 1 – from both local and international investors – are subject to the new law, for which the regulations are now being drafted.
Between January 1 and January 21 this year, the MIC has approved around $2.5 billion of international investment, according to U Aung Naing Oo, director general from the Directorate of Investment and Company Administration.
Of the approvals so far in January, $1.3 billion alone came from Myanmar National Tele & Communications (MNTC), the country’s fourth telecoms operator. MNTC will operate under the brand name Mytel, and is aiming to start providing services in 2018.
The MIC still has applications under consideration and with more than two months to go until the end of 2016-17, U Aung Naing Oo expects total approved investment for the fiscal year to top $7 billion.