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Manufacturing sector attracts $75.6 mln in Oct-Nov

Majority of foreign enterprises eye the manufacturing sector for investments, pumping the estimated capital of US$75.6 million into eight projects in the past two months of the current mini-budget period, the Directorate of Investment and Company Administration stated. The manufacturing enterprises and businesses that need a large labour force are prioritized, Myanmar Investment Commission stated. At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 negative impacts and the political changes.

Myanmar’s garment export drastically dropped on the back of slump in demand by European Union market in the previous months. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed. Nonetheless, the industry is returning to normal after the COVID-19 vaccination programme for the workers, as per the HIS Markit’s September report.

Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. Myanmar has drawn foreign direct investment of more than $234.5 million from 13 enterprises during October-November period. The investments are flowing agriculture, livestock and fisheries, manufacturing, power, construction, transport and communications, hotels and tourism and other services sectors, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated.

Source: The Global New Light of Myanmar

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