uctdPidu-1-272x182

YRIC endorses 10 CMP-based manufacturing projects with over 4,300 jobs

The Yangon Region Investment Committee (YRIC) endorsed nine foreign enterprises and one domestic business in the power and manufacturing sectors at the recent meeting held on 25 January 2023, creating 4,300 jobs for residents. They will execute solar power projects, milling and production of sunflower oil and peanut oil, refining and production of palm oil, printing and dyeing enterprises, manufacturing of electrical appliances and production of footwear on a Cutting, Making, and Packing (CMP) basis. Those five businesses will bring in an estimated capital of about K6 billion and over US$10 million. YIIC gave the go-ahead to four foreign projects with over 4,300 jobs.

Source: The Global New Light of Myanmar

1-copy

Myanmar pockets US$190 mln from FDIs in manufacturing sector as of Dec

A total of 44 foreign enterprises pumped US$187.426 million into Myanmar’s manufacturing sector in the past nine months (April-December) of the current financial year 2022-2023, including capital expansion by the existing enterprises, as per the statistics released by the Directorate of Investment and Company Administration (DICA). Myanmar attracted foreign direct investments of $1.462 billion from 59 enterprises during the April-December period. The majority of the investments were brought into the manufacturing sector. The agriculture sector drew $3.5 million from two projects.

The power sector received $817 million from 10 projects, while one enterprise put $29 million in the real estate sector and two other foreign enterprises made an investment of $413.068 million in the service sector respectively. The hotels and tourism sector attracted less than $1 million. The mining sector received $7 million from one project, while one enterprise also put investments of less than a million into the hotels and tourism sector and some capital expansion of the existing businesses is also seen. 

Additionally, the livestock and fisheries sector saw a capital expansion of $1.545 million. The manufacturing enterprises and businesses that need a large labour force are prioritized to create job opportunities for the local community. Manufacturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical devices, agriculture and livestock farming and its related industries and public transportation services will be prioritized for investment. The commission welcomes both foreign direct investment and domestic investments made by Myanmar citizens in those sectors.

Myanmar Investment Commission and the related ministries will also ensure investment facilitation. Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the cutting, making, and packaging (CMP) basis, and it contributes to the country’s GDP to a certain extent. There are active 541 factories operated under MGMA. The majority of them are from China, followed by Myanmar and the Republic of Korea. Myanmar has drawn foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022). Of them, 40 foreign enterprises put investments in the manufacturing sector, pumping an estimated capital of $202.667 million. 

Source: The Global New Light of Myanmar

httpss3-ap-northeast-1.amazonaws.compsh-ex-ftnikkei-3937bb4images_aliasesarticleimage184133581481-1-eng-GBDJI_0227

Thilawa SEZ attracts over US$2.188 bln as of Nov 2022

Foreign investments of over US$2.188 billion have been pumped into Thilawa Special Economic Zone under the Special Economic Zone Law as of November 2022, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated.

Myanmar Investment Commission will prioritize the manufacturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical supplies, agriculture and livestock farming and related industries and public transportation services for investments.

At present, approximately 102 factories are running at Zone A and B of the Thilawa SEZ. The power sector topped the investment line-ups with more than $3.121 billion of investment, as per the DICA. The commission welcomes both foreign direct investment and domestic investments made by Myanmar citizens in those sectors. MIC and the related ministries will also ensure investment facilitation. 

Source: The Global New Light of Myanmar

118580448_336805160698524_2905071284124406126_n-0-1024x768

YRIC green-lights one domestic business, one foreign enterprise on 14 De

The Yangon Region Investment Committee (YRIC) endorsed one domestic project and one foreign enterprise in the manufacturing sector, with an estimated capital of over K4.08 billion and US$0.50 million at a meeting 12/2022 held on 14 December at the YRIC office in Yankin Township. Those two businesses are expected to create 295 jobs. Moreover, the meeting discussed the general issues of 16 companies and gave the go-ahead for capital expansion of $2.483 million by four companies. 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. 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. Myanmar attracted foreign direct investments of $1.459 billion from 58 enterprises during the April-November period of the current financial year 2022-2023. Singapore is the top source of FDI in Myanmar so far.

Fourteen Singapore-listed enterprises pumped in foreign investments of $1.154 billion into Myanmar in the past eight months. Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $164.9 million by 12 enterprises and the existing ones. China is ranked third in the investment line-up with more than $94 million from 26 businesses and the existing ones, according to the Directorate of Investment and Company Administration. Two enterprises from the Republic of Korea also pumped $5.4 million into Myanmar, with the existing ones. One enterprise each from Belize, China Taipei, the UK and Japan also made investments in the past eight months respectively. The existing enterprises from India, Bangladesh, Thailand, Switzerland and Seychelles also increased their investments.

Source: The Global New Light of Myanmar

WireAP_650f06888bd446329a60db67cc18235d_16x9_992

Singapore tops FDI ranking in Myanmar in past seven months

Fourteen Singapore-listed enterprises pumped in foreign investments of US$1.154 billion into Myanmar in the past seven months (April-Oct) of the current financial year 2022-2023, the Directorate of Investment and Company Administration’s statistics showed. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors. Hong Kong SAR stood as the second largest investors this FY with an estimated capital over $163 million by 11 enterprises and the existing ones.

China is ranked third in the investment line-up with more than $90 million from 22 businesses and the existing ones. One enterprise each from Belize, China (Taipei), the Republic of Korea and Japan also made investments in the past seven months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India, Bangladesh and Seychelles also increased the investments. Myanmar attracted foreign direct investments of $1.45 billion from 52 enterprises during April-October period. Majority of the investments brought into the manufacturing sector. Agriculture sector drew $3.5 million from two projects.

Power sector received $817 million from 10 projects, while one enterprise put $29 million in the real estate sector and two other foreign enterprises made an investment of $413.068 million in the service sector respectively. The mining sector earned $7 million from one project, while one enterprise also put investments of less than a million into the hotels and tourism sector and some capital expansion of the existing businesses are also seen. Additionally, the livestock and fisheries sector saw a capital expansion of $1.545 million.

Myanmar has drawn foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022), according to the statistics released by the DICA. Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of  $1.85 billion in the FY 2019-2020, $2.4 billion in the FY 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the 2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively. Additionally, Singapore emerged as the second largest foreign investor in the Thilawa Special Economic Zone, after a top investor Japan.

Source: The Global New Light of Myanmar

img_1388-2

4,100 companies fail to submit AR in past ten months: DICA

A total of 4,100 companies have been struck off the register in the past ten months as they fail to submit annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). This year, 400 companies each in January, February and March, 300 in April and 500 in May, 400 each in June and July, 55 in August and 400 each in September and October did not file annual returns on MyCO respectively, according to DICA. The DICA has notified any registered company which fails to file its AR on MyCO is to be suspended under 430 (F) of the Myanmar Companies Law, according to DICA’s notification.

The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017. All registered companies need to file AR on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of the law. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously. All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending under Section 53 (A-1) of the Myanmar Companies Law 2017.

As per DICA’s report, thousands of companies were suspended for failing to submit AR forms before the due date. Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for the AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents, totalling K250,000. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice.

Source: The Global New Light of Myanmar

DICA

MIC nods 35 foreign projects worth $1.2 bln in 5 months

The Myanmar Investment Commission gave green light to 35 foreign projects from six countries in the past five months (April-August) of the current financial year 2022-2023. The country attracted the capital of US$1.23 billion, including expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA). Those enterprises are engaged in agriculture, manufacturing, power, real estate and service sectors respectively. Singapore is the top source of FDI this year, with 10 Singapore-listed enterprises pumping FDI of US$1.089 billion into Myanmar.

Hong Kong SAR stands as the second largest investor this FY with an estimated capital over $70.239 million drawn by seven projects. China is ranked third in the investment line-up with more than $56.7 million from 15 projects. One enterprise each from Belize, Japan and China (Taipei) also made investments in the past five months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India and Thailand also increased investments.

Myanmar drew FDI al of $647 million in the 2021-2022 mini-budget period (October to March), DICA’s statistics indicated. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects as well. From 1 February 2021, Thilawa SEZ has recorded capital expansions of $100 million from one new enterprise and the existing enterprises so far. The majority of them are put investments into cement and pharmaceutical manufacturing.

Source: The Global New Light of Myanmar

IMG_-sskm-1024x583

10 Singapore-listed enterprises put FDI of over $1 bln in Myanmar as of 31 Aug

Ten Singapore-headquartered enterprises pumped foreign direct investments of US$1.089 billion into Myanmar in the past five months (April-August) of the current financial year 2022-2023, the Directorate of Investment and Company Administration’s statistics showed. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors. Also, Qatari telecommunication company Ooredoo has signed an agreement to sell its Myanmar unit to a Singapore-based firm.

Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $70.239 million drawn by seven projects. China is ranked third in the investment line-up with more than $56.7 million from 15 projects. One enterprise each from Brazil, Japan and China (Taipei) also made investments in the past four months respectively. The existing enterprises from China (Taipei), China, Hong Kong SAR, the Republic of Korea, India and Thailand also increased investments.

Myanmar Investment Commission gave green light to 35 foreign projects, with an estimated capital of $1.23 billion during the April-August period, DICA’s statistics indicated. Those enterprises are to execute in agriculture, manufacturing, power, real estate and service sectors respectively. Myanmar has attracted foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022), according to the statistics released by the DICA.

Singapore stood as the largest foreign investor in Myanmar in the previous years, pulling in the FDI of $1.85 billion in the FY2019-2020, $2.4 billion in the FY2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018FY, $3.8 billion in the 2016-2017FY, $4.25 billion in the 2015-2016FY, $4.29 billion in the 2014-2015FY, $2.3 billion in the 2013-2014FY and $418 million in the 2012-2013FY respectively. Additionally, Singapore emerged as the second-largest foreign investor in the Thilawa Special Economic Zone after a top investor, Japan.

Source: The Global New Light of Myanmar

image_6483441 (4)

Companies registered on MyCO exceed 8,200 in past eight months: DICA

The number of companies registered on the online registry system, MyCO, topped 8,274 in the past eight months (January-August) this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The figures of registered companies stood at 8,011 in 2021, 15,080 in 2020, 17,380 in 2019 and 8,506 in 2018, as per statistics of the DICA.

The previously registered companies had to re-register on the MyCO and a total of 46,377 companies were re-registered on the MyCO between 1 August 2018 and 31 January 2019. In addition, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of the Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously.

All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, over 400 companies are suspended every month for failing to submit AR forms within the due date. As a result of this, newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns.

The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for the AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice.

Source: The Global New Light of Myanmar

jb5a9978mmk

Thilawa SEZ attracts capital expansion of $100 mln in 18 months

The amount of total accumulated investment at the Thilawa Special Economic Zone by a total of 116 foreign enterprises was estimated at US$2.28 billion. From 1 February 2021, Thilawa SEZ recorded capital expansions of $100 million from one new enterprise and the existing enterprises.

Twenty-one countries made investments in the Thilawa Special Economic Zone under the Special Economic Zone Law, according to the Thilawa SEZ Committee. The new enterprise brought in $14 million at Thilawa SEZ. Moreover, 14 businesses also expanded.

The majority of them are engaged in cement and pharmaceutical manufacturing. Businesses in Thilawa SEZ were forced to stop in 2020 amid the pandemic. They have resumed their operations from 2021. At present, the manufacturing operations return to normal. Moreover, the construction of the SEZ is carried out with 15,000 workers for now. 

Source: The Global New Light of Myanmar