YRIC clears $6.904 mln worth three enterprises from Viet Nam, ROK, China

The Yangon Region Investment Committee (YRIC), at a videoconference held on 14 October, has endorsed three foreign projects from Viet Nam, Republic of Korea and China. Those projects are to be brought in an estimated capital of US$6.904 million. Those enterprises will create 2,279 jobs. They will execute manufacturing of bags and garments on a Cutting, Making, and Packing (CMP) basis, and production and distribution of iron, steel and galvanised iron and building materials, according to the Directorate of Investment and Company Administration (Yangon Region), YRIC stated.

The Yangon Region Investment Committee (YRIC) has endorsed over 130 foreign investment projects with an estimated value of over $280 million in the last financial year 2019-2020, according to the Directorate of Investment and Company Administration. Manufacturing, hotels and tourism, other services, electricity and agricultural sectors pulled in the foreign investments. Majority of the investments went into the manufacturing industry, followed by other service and hotels and tourism industries.

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 Yangon 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.

Source: The Global New Light of Myanmar

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