YRIC clears five foreign projects, one domestic proposal in manufacturing sector

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Front of the Yangon Region Investment Committee office building. photo: GNLM

The Yangon Region Investment Committee (YRIC) has approved five foreign projects from Japan, Samoa, Seychelles and China, and one domestic enterprise at a videoconference held on 26 August, according to Yangon Region Investment Committee. Those projects are to be brought in an estimated capital of US$10.652 million and K6 billion.
They will create 1,828 jobs. They will execute manufacturing of bags and garments on a Cutting, Making, and Packing (CMP) basis, milling, modern furniture production, artificial jewellery product and production and distribution of sesame oil and cookie, according to the Directorate of Investment and Company Administration (Yangon Region). 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 are 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, Samoa and Seychelles are arriving in the region.
Yangon Region tops foreign investments among the regions and states, attracting more than 600 enterprises over the four years of the incumbent government, according to the Directorate of Investment and Company Administration (DICA). According to statistics released by the DICA, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent. At the same time, the other regions and states receive only a small share of assets. 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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