The Myanmar Investment Commission (MIC) on April 3 approved more than US$550 million in foreign direct investment for 11 projects and another K50 billion in local investments even during the COVID-19 pandemic.
The investments are in sectors- manufacturing, construction, services and to expand 13 existing businesses. Total of 3234 jobs will be created from the investments said MIC.
Investment forums in Yangon, Bago, Monywa of Sagaing and Mandalay had been postponed due to COVID-19. As a result of the cancellations, investments could decline by as much as 40 percent said U Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations.
As of the end of March, Singapore, China and Thailand topped the list of foreign investors in Myanmar.
Source: The Myanmar Times
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