YRIC nods over $15 mln, K2.39 bln worth of 10 projects

Yangon Region Investment Committee (YRIC) endorsed eight foreign enterprises and two domestic projects made by Myanmar citizens in the manufacturing sector, with an estimated capital of US$15 million and K2.39 billion, according to the YRIC’s videoconferencing convened at the YRIC office on 12 January. Those businesses will execute production of bridal gowns on the Cutting-Making and Packing basis, production of cotton, mattress and Pu Foam, Virgin Remy Double Drawn Hairs and Wigs production, manufacturing of apparel, electronic appliances production and production of candy.

The estimated capital to be brought in the country are $15.518 million and K2.394 billion and they are expected to create 7,334 local job opportunities. Moreover, they discussed the general issues of the other 18 companies. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.

The investors can inquire about the investment and submit a proposal by dialling (01-658263, 01-658264) of YRIC located on Kabar Aye Pagoda Road, Yankin Township. The proposals worth above K6 billion can contact the Myanmar Investment Commission located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated. 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. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region.

Source: The Global New Light of Myanmar


Four companies allowed operating Ygn MFN system under BOT system

Four companies have been allowed to operate under the BOT system for the construction of a smart pole/monopole important for the implementation of a Metropolitan Fibre Network system in the Yangon region. The contract signing ceremony for the construction of the telecommunication tower was launched in the Mingala hall of Yangon region government office on 12 January.

The meeting was attended by Yangon Region Chief Minister U Hla Soe, regional ministers and officials. At the meeting, the chief minister delivered a speech that there should be complying with the terms and conditions of the contract, to launch discipline in the construction of the telecommunication infrastructure in the region and to assist by working together to eradicate illegal activities.

Then, region government secretary U Soe Soe Zaw on behalf of the government signed the agreement with officials from four tender winner companies. Regarding the construction of the telecommunication infrastructure in the Yangon region, the tender has been invited since 2019 to implement under the BOT system to construct the communication towers and to prevent illegal installation. In 2021, it is reported that the contracts have been signed with the four companies that won the tender. Nevertheless, the names of the four tender winning companies have not been released, it is learnt. 

Source: The Global New Light of Myanmar


MoH receives 400,000 doses of Sputnik Light COVID-19 vaccines from Russia

The Ministry of Health received a total of 400,000 doses of Sputnik Light COVID-19 vaccines donated by the Russian Federation at Yangon International Airport yesterday evening. At the handover ceremony, Russian Ambassador Dr Nikolay Listopadov said the vaccines are donated to mark the Myanmar-Russia friendship and to support Myanmar’s efforts to eradicate COVID-19 disease. He said that Russia and Myanmar will continue to cooperate in the fight against the pandemic in a friendly manner.

Union Minister for Health Dr Thet Khaing Win expressed words of thanks. He said the third wave of COVID-19 in Myanmar was under control with the leadership of the the State Administration Council and the efforts of health workers in a timely manner, adding the importance of the vaccine to control the disease transmission and that the donated vaccines will greatly help in controlling the disease in Myanmar. The Union minister also said that Myanmar will cooperate with the Russian Federation in the fight against the pandemic in a friendly manner.

Afterwards, the Union minister concluded the handover ceremony after giving the certificate of honour. Then, matters in connexion with the enhancement of cooperation in the health sector between the two countries were discussed. The Sputnik Light vaccine phial can be administered one time only so as to ensure more coverage of vaccination in Myanmar. A total of 400,000 doses of the Sputnik Light vaccine donated by Russia arrived yesterday and a total of 600,000 doses of the Sputnik Light vaccine purchased from Russia will arrive in Myanmar on 16 January, it is learnt.

Source: The Global New Light of Myanmar