New team at MIC faces application backlog

Planning and Finance Minister U Kyaw Win has been named to chair a new 11-member Myanmar Investment Commission, the President’s Office said last week.

Commerce Minister U Than Myint has been named vice chair and other members include Attorney General U Tun Tun Oo as well as the permanent secretaries of the ministries of commerce, planning and finance, and natural resources and environmental conservation.

A retired director of the General Administration Department is on the new commission team along with two representatives of the Directorate of Investment and Company Administration.

The commission’s only private sector representative is from the Union of Myanmar Federation of Chambers of Commerce and Industry. U Aung Naing Oo has retained his position as MIC secretary.

The revamped MIC faces a heavy workload because of a build-up of investment approval applications since the previous commission was dissolved at the change of government in late March.

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The incoming commission has received more than 100 investment approval applications, Aung Naing Oo said.

“More than 50 proposal were submitted by domestic investors and more than 50 from foreigners,” he was quoted as saying by Eleven Media.

DICA figures released in April showed that Myanmar attracted record foreign investment of US$9.4 billion, for 217 projects, in the fiscal year to the end of March.

The figure included an unusually high number of approvals at an MIC meeting held days before the change of government. Investments totalling $4 billion were approved in March, the Myanmar Times reported last week.

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