ARIC endorses 3 projects worth $4.979 mln, K3.2 bln

LOCAL NEWS

The Ayeyawady Region Investment Committee (ARIC) has given the green light to three enterprises in the hotels and tourism, construction and manufacturing sectors, with an estimated capital of US$4.979 million and K3.215 billion. The decision was taken during a meeting held on 30 July.
The projects are expected to create 2,173 jobs, according to a press release issued by the Directorate of Investment and Company Administration (DICA). Since its establishment, the ARIC has endorsed around 35 domestic, foreign, and joint venture projects in the manufacturing, hotel services, construction, transport services, industry and other sectors.
Among the regions and states, Yangon Region absorbs 60 per cent of investments, while Mandalay attracts 30 per cent. The other regions and states get only a small share of investments, according to statistics released by the DICA. To simplify the verification process of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to approve local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. —Mon Mon (Translated by Ei Myat Mon)

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