BRIC nods $6.1 mln worth of 2 FDI projects in May, creating 1,450 jobs

BAGO Region Investment Committee (BRIC) endorsed two foreign projects with an estimated capital of US$6.1 million in May, creating 1,450 jobs for residents, according to the BRIC meeting held on 27 May 2022. Bago Region Chief Minister U Myo Swe Win gave remarks at the meeting that the region attracts domestic and foreign investors on account of stability and COVID-19 preventive measures. BRIC is prioritizing the labour-intensive industries like manufacturing on the Cutting-Making and Packaging basis. He will support to have the better infrastructure (road, power and water supply) for the investors in the region.

The factories and workshops must run their businesses in the designated zones and the supervisory committee of the Bago Region Industrial Zone is required to closely monitor the factories. The chief minister also urged the officials to ensure there are no vacant plots of land in the zone. If the factories are found not to execute the type of business they are allowed to run, they will face legal action under the existing law. Moreover, he added to provide technical and financial assistance to small and medium-sized enterprises.

Later, U Ko Ko Latt, director of the Bago Region Directorate of Investment and Company Administration presented two projects with PowerPoint. They are Weartec Seam Garment Manufacturing Co., Ltd based in China with a capital of $3 million and Japan-listed Bago Sport Gloves Co., Ltd putting $3.1 million. They will pump foreign investments in the manufacturing of garments and gloves. The committee members make suggestions on that and the chief minister coordinated matters in line with the law, rules and regulations. Between 1 February 2021 and May 2022, Bago Region pulled foreign investments of US$123.712 million and K9.529 billion of domestic investments made by Myanmar citizens, which creates 7,458 job opportunities for local people, according to BRIC.

Source: The Global New Light of Myanmar