YRIC endorses $12.7 mln worth seven proposals in four months(Oct-Jan)

The Yangon Region Investment Committee (YRIC) has endorsed four foreign enterprises from China, Japan, Singapore and Hong Kong SAR in the manufacturing sector, with an estimated capital of US$12.7 million, in the four months (Oct-Jan) of the current financial year 2020-2021. Additionally, one domestic enterprise is also given the go-ahead, with the capital of K2.9 billion. Those enterprises are to create over 3,700 jobs.

They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis and production 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 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 arrive 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. The initial investment does not exceed K6 billion, or $5 million.

Source: The Global New Light of Myanmar

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