Manufacturing sector attracts over $138 mln in October-February

DSC 0335 sskm
Female workers are seen working at one of the manufacturing workplaces.

The majority of foreign enterprises eye the manufacturing sector for investments, pumping the estimated capital of US$138.6 million into 25 projects in the past five months of the current mini-budget period (October 2021-March 2022), as per the statistics released by the Directorate of Investment and Company Administration (DICA).
The manufacturing enterprises and businesses that need a large labour force are prioritized, according to the Myanmar Investment Commission.
At present, labour-intensive enterprises are facing financial hardships amid the COVID-19 negative impacts and political changes. Myanmar’s garment export drastically dropped on the back of a slump in demand by the European Union market in the previous months.
Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed.
Nonetheless, the industry is returning to normal after the COVID-19 vaccination programme for the workers, as per the HIS Markit’s September report.
Myanmar’s manufacturing sector is largely concentrated in garment 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 $530.77 million from 34 enterprises during the October-February period. The investments are flowing agriculture, livestock and fisheries, manufacturing, power, construction, transport and communication, hotel and tourism and other services sectors, including expansion of capital by existing enterprises, the DICA’s statistics indicated. — KK/GNLM

Share this post
Hot News
Hot News
Yangon circular train services temporarily suspended for Thingyan Festival
One of the most consumed, Nga-gyi-gan fish price higher in the market
Myanmar Rescue Organization provides water to insufficient areas and plans to continue to help
Putao to Mt Hponkanrazi climbing tour arranged in April to enjoy the greatest beauty with dense snow caps
Car rental for travelling recently increases, day trips around Yangon rise
Promoting yam eating culture in Myanmar to develop domestic market
SAC Chairman Commander-in-Chief of Defence Services Senior General Thadoe Maha Thray Sithu Thadoe Thiri Thudhamma Min Aung Hlaing delivers speech at 79th Anniversary of Armed Forces Day parade
Tatmadaw families led by Senior General Min Aung Hlaing and wife pay respect to retired senior military officers who attended 79th Anniversary of Armed Forces Day ceremony
SAC Chairman, senior military officers pay tribute at Memorial to Fallen Heroes in Nay Pyi Taw
Senior General: National Defence and Security Council to facilitate transition to democratically elected government