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YRIC endorses 2 foreign projects, 2 domestic projects to create 2,753 jobs

The Yangon Region Investment Committee (YRIC) endorsed two foreign enterprises and two domestic businesses in the manufacturing sector, with an estimated capital of US$6.099 million and K8.64 billion. Those enterprises are to create 2,753 jobs for the residents, as per the YRIC’s video conferencing convened recently. Yangon Region Chief Minister U Hla Soe, who also acts as chairman of YRIC, the committee members and the investors joined the video conferencing to ensure the foreign capital inflow during the COVID-19 pandemic.

Those enterprises will execute manufacturing of freshwater and saltwater fish and prawn on contract processing system and normal system, and manufacturing of garment and production of plastic on Cutting-Making and Packaging (CMP) basis. Furthermore, the committee members met with 16 companies to discuss the general matters of investment proposals. 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 the proposal by dialling (01-658263 and 01-658264) of YRIC located on Kaba Aye 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

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