Manufacturing sector pulls $329.65 mln from 21 projects this FY

DSC 0680 NS
The Swedish fashion retailer H&M is gradually placing orders from Myanmar again after it paused in March. Then, more international fashion retailers such as Primark and Bestseller starts to resume new orders.

The majority of foreign enterprises eyes the manufacturing sector for investments in the past seven months (Oct-Apr) of the current financial year 2020-2021. They pull in US$329.659 million from 21 projects, the Directorate of Investment and Company Administration stated.
The manufacturing enterprises and businesses that need a large labour force are prioritized, MIC stated.
At present, labour-intensive enterprises face financial hardship amid COVID-19 negative impacts.
Myanmar’s manufacturing sector is primarily concentrated in garment and textiles produced on the Cutting, Making, and Packaging basis. It contributes to the country’s GDP to a certain extent.
At present, Myanmar’s garment export drastically dropped on the slump in demand by the European Union market. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed.
The factories are facing cancellation of order and slump in output, new demands. However, the Swedish fashion retailer H&M is gradually placing orders from Myanmar again after it paused in March. Then, more international fashion retailers such as Primark and Bestseller starts to resume new orders.
Myanmar has attracted foreign direct investments of more than $1.256 billion in Oct-Apr of current FY. They include expanding capital by existing enterprises and acquisitions in the Special Economic Zones, DICA’s statistics indicated.
MIC and the respective investment committees permitted and endorsed 42 foreign enterprises between 1 October and 30 April. Of 42, 21 enterprises pumped FDI into the manufacturing sector. The power sector received seven projects, and the livestock and Fisheries sector attracted five projects. The other services sectors drew five projects while the agriculture sector pulled two projects. One foreign enterprise each entered industrial estate and the hotels and tourism industries. — HH/GNLM

Share this post
Hot News
Hot News
Bagan has more than 20 must-see art destinations besides famous pagodas: says MORAC director
Rising transportation cost, increase in cattle price, being close to Thingyan lead to rise in beef price
Myanmar Letwei fighter Thant Zin to miss tonight’s One Championship event due to health emergency
Machine-made brick trade good despite slight decline in price
Bamboo growers on the rise as bamboo products rebound in local and foreign markets
Appointment of Head of Service Organization
59th Gems Emporium to feature pearls, gemstones, and jade sets
Lacquerware Technology College prepares multifaceted welcome for foreign visitors
Chairman of SSMNC receives Chinese Ambassador to Myanmar and party
Myanmar-Russian armed forces exchange honorary medals for further cementing strategic partnership relations, military and civilian technological cooperation