YRIC clears 16 foreign, one domestic proposal to create over 8,000 expected jobs

LOCAL NEWS

The Yangon Region Investment Committee, at a meeting held on 19 February, has approved 16 foreign projects, with an estimated capital of US$28.507 million. It has also endorsed one domestic project worth K3 billion.
The projects will create over 8,900 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.
Also for the current fiscal year, the YRIC has approved 68 domestic and foreign projects in the manufacturing sector, bringing in $124.259 million and K7.27 billion.
The investments in the regions also flowing into the hotel services, and other services sectors. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region.
According to statistics released by the Directorate of Investment and Company Administration, 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. —GNLM (Translated by Ei Myat Mon)

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