The Yangon Region Investment Committee (YRIC) has endorsed eight foreign enterprises and two joint ventures in the manufacturing sector, with estimated capital of US$19 million, in the past months of the current financial year 2020-2021. Additionally, two domestic enterprises were also given the go-ahead, with capital of K3.5 billion. Those enterprises are to create around 4,220 jobs.
They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, manufacturing of construction materials, production and sales of aluminum, grinding and manufacturing of pulses and beans, and production and distribution of fish sauce, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region attracted FDI of $308.768 million from 137 foreign enterprises.
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.
Source: The Global New Light of Myanmar