YRIC endorses over $1 mln worth project, creates 851 jobs for residents

The Yangon Region Investment Committee (YRIC) endorsed one foreign enterprise in the manufacturing sector, with an estimated capital of US$1.095 million, as per the YRIC’s videoconferencing convened at 10 am on 8 September. 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.

At the meeting, YRIC endorsed one foreign investment business with a total capital amount of $1.095 million in the manufacturing sector and is expected to create 851 local job opportunities. Moreover, they discussed the general issues of the other four companies. 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 a proposal by dialling (01-658263 and 01-658264) of YRIC located on Kaba Aye Pagoda 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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