Over 900 jobs created by four YRIC approved projects

Employees working at a  production line of a large garment factory in Hlinethaya Township.   Photo: Phoe Khwar
Employees working at a production line of a large garment factory in Hlinethaya Township.  Photo: Phoe Khwar

Yangon Region Investment Committee (YRIC) has permitted four projects, including garment enterprises, at YRIC meeting (14/2018), held on 10 October, creating over 900 jobs.
Those businesses are two local and two foreign businesses, with an estimated capital of US$1.88 million and Ks1.55 billion. A total of 1,456 jobs are to be created from those businesses.
Since its establishment, YRIC have approved a total of 96 domestic and foreign businesses in the manufacturing, hotel services and other services sectors from China, Singapore, Japan, Hong Kong, South Korea, Viet Nam. India, China (Taipei), Malaysia, British Virgin Islands and Seychelles.
During the last fiscal year 2017-2018, YRIC allowed 39 foreign businesses and 9 domestic projects to invest in Yangon Region, with a capital of $56.6 million and Ks2.3 billion, creating 22,481 jobs. Between April and October 2018, YRIC permitted 48 projects, including 36 foreign businesses and 12 domestic enterprises, with a total pledge amount of $74.4 million and Ks22.8 billion. A total of 22,269 jobs emerged from those permitted enterprises.
Manufacturing sector attracted the most foreign investments in Yangon Region. Those enterprises are engaged in manufacturing of pharmaceuticals, vehicles, container boxes and Cutting, Making and Packing (CMP) garments.
At present, Yangon Region absorbed 60 per cent of foreign investments, and Mandalay attracts 30 per cent. Other regions and states attain only small portion of investments, according to the statistics released by the Directorate of Investment and Company Administration.
Region and state investment committees are allowed to grant permission to investment proposals worth up to US$5 million (Ks6 billion).
Between April and mid-September of the past mini-budget period, a total of 77 foreign enterprises received permits and endorsements from Myanmar Investment Commission (MIC) and the respective regions and states investment committees, bringing in a capital of $934 million. Overall, foreign direct investments of over $1.65 billion flowed into the country, including growth capital and investments of over $171 million in the Thilawa Special Economic Zone.
Meanwhile, 84 domestic enterprises also received permits and endorsements from MIC and respective committees, with Ks909.95 billion. A total investment of Ks974.95 billion, including expansion capital, was brought into the country.

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