ex. Game, Music, Video, Photography

Myanmar's new investment commission to tackle $2.3 bln backlog

Myanmar's newly reformed investment commission will this month start scrutinizing some $2.3 billion in proposed foreign investment projects that have been held up since April, a senior official said on Friday.

Ngày đăng: 17 tháng 9, 2021
Cập nhật: 12 tháng 1, 2023
Lượt xem: 320886551
Nguồn: vnexpress

Aung San Suu Kyi's National League for Democracy (NLD) swept to power in elections last November, and the United States eased sanctions against Myanmar in May, buoying hopes for a quick uptick of foreign investment into the country which has suffered from decades of economic hardship under military rule.

But since the new government took over in April, no proposed investments have been signed off on by the Myanmar Investment Commission (MIC), a powerful body that decides which projects get the green light, as it awaited word on its reworked structure from the President's Office. President Htin Kyaw announced the new make-up of the group only on Tuesday.

Aung Naing Oo, who was re-appointed as the secretary of the commission, said 102 projects had been submitted since April and were awaiting approval. About a half of these proposals are foreign investment projects, whose total worth is around $2.3 billion.

The delay, he said, happened because the NLD wanted to choose the proper people for the commission, but the long wait also raised concerns among the business community, fuelling speculation on how the NLD, made up of many activists and former political prisoners, would handle investment.

"There were some concerns from the business community. There were some rumors in the business community saying that there would be no MIC at all," Aung Naing Oo told Reuters.

"Plus, some investors who had already submitted their proposals to MIC were also concerned about the delays at MIC because, for them, time is money. The delay means they have to spend more money."

Aung Naing Oo said the first meeting of the revamped, 11-strong body headed by the planning and finance minister was likely to take place towards the end of June.

Aung Naing Oo said it would take around eight weeks to work through the proposals but that the MIC was still waiting on a list of investment sectors to prioritize from the NLD.

The go-ahead from the MIC does not guarantee investments will always progress smoothly, however.

In May, lawmakers decided to scrap a $70 million private hospital in Yangon backed by Malaysian group IHH Healthcare Berhad, which broke ground in January. MPs criticized the tender process for the 4.3 acre plot for a lack of transparency.

On Wednesday, lawmakers terminated a proposed extension to a port terminal on the Yangon river citing environmental concerns.

Both projects had been approved by the MIC.

These decisions violated investment laws and risked undercutting investor confidence in the commission, said Aung Naing Oo.

"According to the law, the government guarantees there will be no termination of the projects approved by the MIC," said Aung Naing Oo.

"As an official responsible for investment promotion, it is not so good for the image of the country... If we really want to promote investment, we also need to consider (investor) protection."

Related news:

> In major test, Myanmar scrambles to clear port jam threatening growth

> Myanmar's Suu Kyi to lead new effort on restive Rakhine State


Tin tức liên quan

World Economic Forum on ASEAN begins in Hanoi
business 16/09/2021

World Economic Forum on ASEAN begins in Hanoi

economy | 317326571

Several Southeast Asian leaders are attending the 2018 World Economic Forum on ASEAN that opened in Hanoi Wednesday.

 Covid restrictions put the brakes on car sales
business 14/09/2021

Covid restrictions put the brakes on car sales

industries | 313056564

The Vietnam Automobile Manufacturers Association said its members sold only 7,714 vehicles in August, the lowest number in seven years.

Thai man broadcasts baby daughter
world 14/09/2021

Thai man broadcasts baby daughter's murder live on Facebook

world | 310606563

Videos of a man killing his daughter before committing suicide were visible online for 24 hrs before they were taken down.

Salt water drowns Mekong Delta shrimp industry
business 09/09/2021

Salt water drowns Mekong Delta shrimp industry

business | 274856554

Increasing salinity in the Mekong Delta has seriously affected aquaculture, especially freshwater shrimp breeding, according to Vietnam's Directorate of Fisheries.

Eight protected national art treasures
life 18/09/2021

Eight protected national art treasures

culture | 324396566

In Vietnam, objects of special cultural and historical value are designated national treasures and preserved by the government.

Vietnam halts all inbound commercial flights
news 13/09/2021

Vietnam halts all inbound commercial flights

news | 304886550

PM Nguyen Xuan Phuc has ordered a temporary halt to all inbound international commercial flights following Vietnam’s new Covid-19 community transmissions.

Beer-thirsty Vietnamese force supermarkets to ration sales before Lunar New Year
business 14/09/2021

Beer-thirsty Vietnamese force supermarkets to ration sales before Lunar New Year

business | 311646556

Panic-buying has ensued with prices expected to rise ahead of Tet.

Appeals court upholds Coffee King’s right to manage Trung Nguyen group
business 18/09/2021

Appeals court upholds Coffee King’s right to manage Trung Nguyen group

companies | 325256553

A HCMC court has upheld a previous decision on the divorce and division of assets between Vietnam’s Coffee King and his ex-wife.

Southeast Asian countries need tougher plastic policies to curb pollution: UN
news 19/09/2021

Southeast Asian countries need tougher plastic policies to curb pollution: UN

news | 326116547

Southeast Asian countries, among the world’s worst ocean polluters, need tougher regulations for plastic packaging to curb leakage, a United Nations report said.

Vietnam Airlines gets new CEO
business 15/09/2021

Vietnam Airlines gets new CEO

companies | 315856554

Vietnam Airlines deputy director Le Hong Ha will take over as the national carrier’s new CEO starting January 1, 2021.

Chủ đề liên quan

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Loading…