Myanmar: MIC approves a $230.60 mln Industrial Park in Hlegu

Myanmar Investment Commission has approved a $230.60 million worth Hlegu Industrial Park project, to be invested by Singapore based Sembcorp CSSD Myanmar Co., Ltd, as well as $180 million worth AEON Large Scale Shopping Mall, which will create over 2,300 jobs.

In addition to that, the investment body also approved seven new investments in industry, construction, hotels and tourism and service sectors, and seven investment extensions from the existing investments.

The combined investment amounts topped $462.693 million and K73.2065 billion creating 3,662 jobs.

Although the country’s economy suffered the impact of the Covid-19, investments, both local and international, are still flowing into various sectors.

As of June 2020, Singapore, China and Thailand stand as the biggest investors in the country.

Investments in the power sector account for 26.52 percent of the total investments from 51 countries and territories while the oil and gas sector shares 26.44 percent and manufacturing sector by 14.28 percent.

Written by Tayzar Bhone Myint/ Translated into English by Min Thu Aung