THE Myanmar Investment Commission granted 14 local and foreign enterprises to operate business in the country this month, creating over 7,000 employment opportunities for locals, according to the MIC.
The MIC gave the green light to 11 businesses including four wholly foreign-owned enterprises from Korea, Hong Kong, Taiwan and Cambodia, five citizen-owned firms and two joint ventures from China and Hong Kong according to its meeting on 17 December.
Three enterprises—Kingsrich (Myanmar) Fashion Ltd, Crown Beverage Cans Myanmar Ltd and Linfra Ltd—received permission from the MIC in early this month, creating over 2,200 job opportunities for citizens.
The majority of investments went to the country’s garment industry to manufacture of garment and related accessories on CMP basis, according to the MIC.
The types of new investment businesses includes construction of water treatment plant and supply of water in Monywa under B.O.T, hotel services by B.O.T, manufacturing of Coach Bus, City Bus and Body Building, production and marketing of all kinds of paper roll, manufacturing, distribution and marketing of metal cans and ends, and power system installation and maintenance of telecommunication equipment services.
Those businesses will operate in Yangon’s industrial zones in Shwepyitha, Hlaingthaya, Shwepaukkan, Mingaladon, Dagon Myothit (South) and Htantabin, Sagaing and Bago regions as well as southern Shan State.
According to the MIC, there are a total of 78 foreign enterprises with investments of US$2,146.934 million and 37 Myanmar Citizen investment projects with investments of $518.506 million as of 19 December in this fiscal year.