YRIC clears 129 FDI projects worth of US$283.302 mln over 11 months


The Yangon Region Investment Committee (YRIC) has endorsed 129 foreign investment projects over 11 months of the current financial year, according to the Directorate of Investment and Company Administration.
Between 1 October and 4 September of the current FY, Yangon Region (US$283.302 mln) stood at the first place with 129 foreign enterprises, followed by Bago Region (US$72.405 mln) with 18 foreign projects at the second place and Ayeyawady Region (US$19.614 mln), with nine at the third place.
Additionally, Taninthayi (US$1.397 mln) and Magway (US$0.991 mln) regions and Mon State (US$1.664 mln) attracted two projects each, while Mandalay (US$4.600 mln) and Sagaing (US$3.000 mln) regions, Kachin (US$1.000 mln) and Shan (US$4.130 mln) states and Nay Pyi Taw (US$5.862 mln) drew one enterprise each.
However, Kayah, Kayin, Rakhine and Chin states had zero FDI as of 4 September, the DICA stated.
During the current FY, the relevant investment committees from the regions and states issued the endorsement for 167 foreign enterprises, with an estimated value of US$397.965 million.
Manufacturing, hotels and tourism, other services, electricity and agricultural sectors pulled in the foreign investments. Majority of the investments went into the manufacturing industry, followed by other services, and hotels and tourism industries.
To date, foreign investments from China, Singapore, Japan, Hong Kong SAR, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in Yangon 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. (Translated by Ei Myat Mon)

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