Manufacturing sector bags $262 mln this FY

Myanmar International Terminal Thilawa MITT. Photo Myanmar port Authority mk
Myanmar International Terminal Thilawa (MITT). Photo Myanma port Authority

The majority of foreign enterprises eye the manufacturing sector for investments in the past ten months (Oct-July) of the current financial year 2020-2021, pumping the estimated capital of US$262 million into 24 projects, the Directorate of Investment and Company Administration stated.
The manufacturing enterprises and businesses that need large labour force are prioritized, Myanmar Investment Commission stated.
At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 impacts and the political changes.
Myanmar’s manufacturing sector is largely concentrated on garment and textile produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent.
At present, Myanmar’s garment export drastically dropped on the back of slump in demand by the European Union market. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed.
Myanmar drew foreign direct investment of more than US$3.76 billion in the past ten months of the 2020-2021 financial year, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated.
Of 45 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 July of the current FY, 24 enterprises pumped FDI into the manufacturing sector. The electricity sector received six large projects and the livestock and fisheries sector, six projects. Other service sector drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered the industrial estate and the hotels and tourism sectors.—HH/GNLM

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