Manufacturing sector pulls $329.65 mln from 21 projects this FY

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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

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