Manufacturing sector attracts 169 foreign enterprises

Majority of foreign enterprises eye the manufacturing sector for investments in the current financial year 2019-2020, pulling in US$875 million from 169 projects, the Directorate of Investment and Company Administration (DICA) stated. Of 219 foreign enterprises permitted and endorsed by Myanmar Investment Commission and the respective investment committees between 1 October and 31 July of the current financial year, 169 enterprises pumped FDI into the manufacturing sector. Other service sector stood at the second by attracting 16 businesses, while power sector got the third spot with eight projects.
The current COVID-19 consequences have not affected the foreign investment sector, said DICA Director-General U Thant Sin Lwin. The proposals submitted to MIC include CMP businesses. At present, such kind of labour-intensive enterprises is facing financial hardship, disputes between the employers and employees and the closure of factories. However, those cases in the industry did not hinder new investments. The manufacturing enterprises and businesses that need large labour force are prioritized. MIC is endeavouring to clear those kinds of projects so fast that they can start running in the post-COVID-19 period, he continued.
Moreover, MIC showed readiness to accept the projects regarding the production of mask, pharmaceuticals and medical equipment, in responding to the activities of prevention, control and treatment of coronavirus infection. Myanmar has attracted foreign direct investment of more than US$5 billion between 1 October and 31 July in the 2019-2020 financial years, including the expansion of capital by existing enterprises and ventures in the Special Economic Zones, according to the Directorate of Investment and Company Administration (DICA).—Ko Htet (Translated by Ei Myat Mon)

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