YRIC clears $9.17 mln worth 3 foreign projects, K2.29 bln valued 1 domestic proposal


The Yangon Region Investment Committee, at a videoconference held on 24 June, has approved three foreign projects from China, with an estimated capital of US$9.17 million and one domestic project worth K2.29 billion. The projects will create over 3,000 jobs. They will invest in the production of spice; belt and bags; and manufacturing of bra cup underwear mould for local CMP enterprises, according to the Directorate of Investment and Company Administration (DICA). 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. The investments in the regions also flowing into the hotel services, and other services sectors as well. 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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