Manufacturing sector attracts 40 enterprises in past mini-budget period

Forty out of 49 MIC-permitted foreign enterprises put investments in the manufacturing sector, pumping an estimated capital of US$202.667 million in the past mini-budget period (October 2021-March 2022), according to the Directorate of Investment and Company Administration-DICA’s statistics.
According to Myanmar Investment Commission, the manufacturing enterprises and businesses that need a large labour force are prioritized.
Some labour-intensive enterprises face financial hardship amid the COVID-19 negative impacts and the political changes. As per the HIS Markit’s September report, the industry is returning to normality after the COVID-19 vaccination programme for workers.
Myanmar’s manufacturing sector is primarily concentrated in garments 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 $647.127 million from 49 enterprises during the October-March period. The majority of the enterprises eye the manufacturing sector. Additionally, the agriculture sector drew one project worth $5 million. The livestock and fishery sector attracted two enterprises with more than $19 million in investments. Power, construction and hotels, and tourism industries have one new project in the past mini-budget period and three other enterprises invested in other service sectors. — KK/GNLM