YRIC approves wholly foreign investment in manufacturing sector

The Yangon Region Investment Committee (YRIC) endorsed one wholly foreign enterprise with an estimated capital of US$1 million to execute the manufacturing of various clothing on the Cutting-Making and Packaging (CMP) basis at the recent meeting (9/2024) held on 18 September, creating 700 jobs for locals.
Yangon Region Chief Minister U Soe Thein and committee members inspected the sample products manufactured by existing businesses. They also coordinated general matters of nine companies during the meeting.
The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, containers, and garments on a CMP basis.
China is the leading investor in Myanmar’s CMP garment factories, followed by Chinese Taipei, Thailand, the Republic of Korea, and Japan. The clothes and apparel are sent to Thailand, China, Singapore, and other European countries.
Myanmar’s manufacturing sector is focused on garments and textiles produced on a Cutting, Making, and Packing basis, contributing to the country’s GDP to a certain extent.
There are 547 active factories operated under the Myanmar Garment Manufacturers Association as of August 2024, comprising 321 from China, 56 from South Korea, 18 from Japan, 16 from other countries, 47 domestic factories and 27 joint ventures, and 48 factories were temporarily closed, according to the MGMA’s monthly Newsletter. — San Kyaw Oo (IPRD)/ KK