Between February 2021 and July 2023, Bago Region experienced a significant surge in both foreign and citizen investments, reaching remarkable figures of US$179.095 million and over K75.23 billion, as stated by U Ko Ko Latt, the Director of Bago Region Directorate of Investment and Company Administration.
During July of this year, authorities in Bago Region further approved an additional $2.812 million in investments for three existing industries, consequently generating job opportunities for more than 100 labourers.
U Ko Ko Latt shared insights into this development, revealing that the Bago Region Investment Committee extended its support to three industries in July, allowing them to receive $2.812 million in foreign investment. Consequently, these industries are poised to create job opportunities for 100 Myanmar workers. One of the approved industries also submitted a proposal to import necessary machinery, intending to operate with the use of solar power. Additionally, two more industries focusing on sports equipment manufacturing and synthetic flowers will receive additional machinery to bolster their operations and accommodate more workers. Furthermore, a garment industry has expressed its intention to commence operations, and the region committee awaits feedback from the Myanmar Garment Entrepreneurs Association to proceed with the garment factory’s implementation.
A total of 30 businesses have invested in five major sectors, namely industrial, electric power, livestock and fishery, agricultural, and service sectors. These investments have collectively provided employment opportunities for a staggering 8,596 workers, significantly contributing to the economic growth and development of Bago Region.
Overall, the remarkable inflow of foreign and citizen investments in various industries signifies a promising outlook for Bago Region’s economic landscape, offering opportunities for both local entrepreneurs and international investors to thrive in this dynamic and rapidly growing region. — ASH/TTA