Yangon Region endorses 2 foreign firms in manufacturing sector

The Yangon Region Investment Committee (YRIC), at a videoconference held on 28 October, endorsed two foreign projects from Singapore and China in the manufacturing sector.
Those projects are to bring in an estimated capital of US$2.65 million. Those enterprises will create 607 jobs. They will execute the manufacturing of bags, footwear and garments on a Cutting, Making, and Packing (CMP) basis, YRIC stated.
Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region stood at the first place with 137 foreign enterprises (with the capital of $308.768 million), followed by Bago Region with 18 foreign projects ($72.645 million) at the second place and Ayeyarwady, with nine at the third place ($19.614 million).
Additionally, foreign direct investments also flow into the Taninthayi Region from two projects worth $1.397 million, Magway Region from two worth $0.991 million, Mon State from two worth $1.664 million, Mandalay Region from one business valued $4.6 million, Sagaing Region from one worth $3 million, Kachin State from one worth $1 million, Shan State from one worth $4.13 million and Nay Pyi Taw Council from one valued $5.862 million.
In the last FY, the respective investment committees of Kayah, Kayin, Rakhine and Chin states did not endorse foreign enterprise at all, the DICA stated.
The region and state investment committees endorsed a total of 175 foreign enterprises with an estimated capital of $423.671 million in the last FY.
The endorsed enterprises are to be engaged in the manufacturing, hotel and tourism, other services, power and agricultural sector.
Of them, the majority of the investment goes into the manufacturing sector, followed by other services sector and hotels and tourism sector.
The manufacturing sector has also attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis.
To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million. — GNLM(Translated by Ei Myat Mon)

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