YRIC approves K5 bln+ worth of new hotel investment project

hotel g yangon sskm
A glimpse of one of the hotels in Yangon, where new investment opportunities are flourishing.

This significant investment creates 617 employment opportunities for Myanmar citizens

The Yangon Region Investment Committee (YRIC) has given the green light to an exciting new investment project, which will be operated by a Myanmar citizen, to further boost economic growth and create job opportunities. According to U Myo Khaing Oo, Director of Yangon Region Directorate of Investment and Company Administration, this project is set to generate around 617 jobs in the region. The approval was granted during the YRIC’s meeting held on 26 July 2023.
The recently approved investment project is focused on the hotel sector, and it is estimated to involve an investment of K5,970.239 million. This significant investment will not only benefit the local economy but will also lead to the creation of 1,802 new job openings as the project progresses. Such developments are crucial in fostering employment opportunities and contributing to the economic growth of the region.
Furthermore, the YRIC has also allowed existing businesses, in addition to the newly approved investments, to increase their investment amounts and workforce in July. This move aims to encourage further economic activity and expansion in the region, providing a conducive environment for businesses to thrive.
The YRIC, in adherence to the law and established procedures, continues to review and approve new local and foreign investment projects monthly. This approach helps in opening up avenues for job creation and economic development within the region. — ASH/KTZH

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