YRIC approves 86 businesses during one year

NATIONAL NEWS

Yangon Region Investment Committee (YRIC) had already approved 86 foreign and domestic enterprises since its establishment in August 2017, with a total pledge amount of FDI US$124.7 million and Ks39.78 billion, according to the Directorate of Investment and Company Administration.
Those approved businesses are expected to create over 40,000 local job opportunities, according to the YRIC.
During the past year, 11 foreign countries, including China, Singapore, Japan, Hong Kong, South Korea, Viet Nam, Malaysia and India invested in the Yangon Region.
Manufacturing sector absorbed the most foreign investments in Yangon Region. Most of the approved manufacturing enterprises are engaged in garment production on cutting, making and Packing (CMP) basis and some also manufacture pharmaceuticals, vehicles and container boxes.
Between August and March in fiscal year 2017-2018, YRIC approved 39 foreign investment proposals worth $56.6 million and nine domestic investment projects valued Ks23 billion.
In the past five months of the mini-budget six-month period prior to next fiscal year 2018-2019, YRIC gave green light to 29 foreign enterprises with a capital of over $68 million and nine domestic enterprises with Ks16.7 billion.
According to the new Myanmar Investment Law, region and state investment committees are authorised to grant endorsements of an investment proposal with a capital not exceeding $5 million (Ks6,000 million), with an aim to facilitate the verification process of investment projects.
At present, Yangon Region absorbed 60 per cent of foreign investments. Mandalay attracts 30 per cent and other regions and states attain only a small portion of the investments, according to statistics released by the Directorate of Investment and Company Administration. — GNLM

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