The Myanmar Investment Commission (MIC) approved two foreign power sector investments worth $317.178m in July, a recent data release from the Directorate of Investment and Company Information (DICA) shows.
The MIC also approved three domestic power sector investments worth $52.798m in July.
Neither the MIC nor DICA have announced for which projects the investments were destined for nor the entities making the investments.
These approved investments are the first in the power sector to be announced for FY2023/24 that started in April.
No oil and gas investment approvals were announced in July.
The July approvals take the number of foreign investments in the power sector to three this year, as a $3.267m investment was approved in January.
The July approvals also take the number of domestic investments in the power sector this year to four, as a $12.605m investment was approved in February.
Total approved foreign investment in the 2023 calendar year currently stands at $320.445m and total approved domestic investment stands at $65.403m.
|
Power Sector New Foreign Investment Approvals. Source: Myanmar Investment Commission |
||
|
Month |
No. of Investment Approvals |
Amount ($ in Millions) |
|
September |
0 |
0 |
|
October |
4 |
114.6 |
|
November |
0 |
0 |
|
December |
0 |
0 |
|
January |
1 |
3.267 |
|
February |
0 |
0 |
|
March |
0 |
0 |
|
April |
0 |
0 |
|
May |
0 |
0 |
|
June |
0 |
0 |
|
July |
2 |
317.178 |
|
Power Sector New Domestic Investment Approvals. Source: Myanmar Investment Commission |
||
|
Month |
No. of Investment Approvals |
Amount ($ in Millions) |
|
September |
0 |
0 |
|
October |
1 |
41.154 |
|
November |
0 |
0 |
|
December |
0 |
0 |
|
January |
0 |
0 |
|
February |
1 |
12.605 |
|
March |
0 |
0 |
|
April |
0 |
0 |
|
May |
0 |
0 |
|
June |
0 |
0 |
|
July |
3 |
52.798 |
Earlier on 24 July, the MIC announced that it had approved 10 new investments totaling $446.58m and Ks254.951bn ($121.41m at the official reference rate).
State media articles at the time did not break down the investment amounts by project or sector but mentioned that approved projects spanned the electricity, hospitality, tourism, livestock and fishery sectors.
These projects are slated to create 7,640 jobs.
Given the recent DICA data release it appears the power sector made up 71.76% of foreign investment approvals and 43.49% of domestic investment approvals issued in July.