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Myanmar: Yangon investment committee approves 2 foreign, 1 domestic projects with over 1,000 jobs

  • Aug 14, 2020

The Yangon Region Investment Committee (YRIC) virtual meeting on 12 August has approved two foreign projects from China, and Samoa and one domestic project. Those projects will bring in US$6.964 million and K2.17 billion, creating 1,073 jobs. They will invest in manufacturing of foam mattress, camera bags and garments on a Cutting, Making, and Packing (CMP) basis, according to the Directorate of Investment and Company Administration. The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis.
The investments in the regions also flowing into the hotel services, and other services sectors as well. To date, foreign investments from China, Singapore, Japan, Hong Kong SAR, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands, Samoa and Seychelles are arriving in the region. Yangon Region tops foreign investments among the regions and states, attracting more than 600 enterprises over the four years of the incumbent government, according to the Directorate of Investment and Company Administration (DICA). According to DICA statistics, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states receive only a small share of investments.
The Myanmar Investment Commission (MIC) and the respective investment committees have granted permits and endorsements to 905 foreign enterprises between 2016-2017 financial year and as of May-end in the 2019-2020FY, with estimated capitals of US$22.39 billion.
Of 51 foreign countries, Singapore put the largest investments, followed by China and Thailand. MIC is prioritizing the labour-intensive businesses. In the incumbent government period, domestic and foreign projects employ over 500,000 residents, according to the DICA. —GNLM (Translated by Ei Myat Mon)

Source: https://www.globalnewlightofmyanmar.com/yangon-investment-committee-approves-2-foreign-1-domestic-projects-with-over-1000-jobs/