Thailand, Singapore eye in Myanmar's solar energy sector

Two companies from Thailand and Singapore have submitted proposals to Myanmar Investment Commission(MIC) to implement solar energy power projects in upper Myanmar, U Than Aung Kyaw, Deputy Director General of Directorate of Investment and Company Administration (DICA), told Xinhua at a press conference on Monday when asked.

According to the proposal, Thai company has plan to implement a 297 million U.S. dollars' solar energy power station which can produce 220 Megawatt (MW)of electricity in Minbu township, Magwe region.

The Singaporean company's proposal is also for implementing a solar energy used power station which can produce 150 MW of electricity in Wantwin township, Mandalay region.

The MIC permitted 4 foreign investments in its recent meeting on Aug.19 which are related to industrial , hotel, transportation and communication sectors which amounted to 42.077 million U.S. dollars, according to the official statistics.

The new MIC permitted a total of 17 foreign investments worth 166.233 million U.S. dollars after three months of its formation in early June.

Foreign investment in Myanmar totaled 63.88 billion U.S. dollars as of Aug.19, 2016 since late 1988.

Myanmar has targeted foreign investment to reach 6 billion U.S. dollars for this fiscal year 2016-2017. The country drew 9.5 billion U.S. dollars foreign investment in the last fiscal year 2015-2016.

Source : XINHUA