Myanmar permits 16 foreign investments in Yangon Region

• Feb 24, 2020

YANGON, Feb. 23 (Xinhua) — Myanmar’s Yangon Region Investment Committee (YRIC) recently approved 16 foreign investment businesses for the region, according to the Directorate of Investment and Company Administration (DICA) late Saturday.

A total of 28.507 million U.S. dollars of foreign investments from China, Seychelles and Estonia as well as 3 billion Kyats (2 million U.S. dollars) from one local enterprise engaged the region’s manufacturing sector and other services, creating over 8,900 job opportunities for local citizens.

Yangon region absorbs 60 percent of country’s investment from both home and abroad, followed by Mandalay region with 30 percent and the rest flows into other regions and states.

Myanmar attracted over 20.8 billion U.S. dollars’ foreign investments as of Jan 31, the first four months of the current fiscal year 2019-2020, according to the DICA’s figures.

The new Myanmar Companies Law which started to enforce on Aug. 1, 2018 allows foreign investors to take up 35 percent in local companies.

Under the new companies law, investment with capital not exceeding 5 million U.S. dollars can be permitted by regional and states authorities of the DICA.

Source: http://www.xinhuanet.com/english/2020-02/23/c_138810414.htm