YRIC clears 10 foreign projects worth $21.98 mln; to create over 7,300 jobs

LOCAL NEWS

The Yangon Region Investment Committee, at a meeting held on 13 March, approved 10 foreign projects with an estimated capital of US$21.98 million.
The projects will create more than 7,300 jobs, according to the committee.
The manufacturing sector has 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.
In the current fiscal year, the YRIC has approved 78 domestic and foreign projects in the manufacturing sector, which have pulled in an estimated $146 million and K7.27 billion.
Investments in the regions are also flowing into the hotel and other services sectors. Till date, the region has received investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands, and Seychelles.
According to statistics released by the Directorate of Investment and Company Administration (DICA), Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states receive only a small share of investments.
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. —Ko Htet (Translated by EMM)

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