Yangon Region Investment Committee (YRIC) endorsed eight foreign enterprises and two domestic projects made by Myanmar citizens in the manufacturing sector, with an estimated capital of US$15 million and K2.39 billion, according to the YRIC’s videoconferencing convened at the YRIC office on 12 January. Those businesses will execute production of bridal gowns on the Cutting-Making and Packing basis, production of cotton, mattress and Pu Foam, Virgin Remy Double Drawn Hairs and Wigs production, manufacturing of apparel, electronic appliances production and production of candy.
The estimated capital to be brought in the country are $15.518 million and K2.394 billion and they are expected to create 7,334 local job opportunities. Moreover, they discussed the general issues of the other 18 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, 01-658264) of YRIC located on Kabar 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