By Nyein Nyein
The Yangon Region Investment Committee (YRIC), at a videoconference held on 8 July, has approved eight foreign projects from China, Viet Nam, Samoa and Hong Kong (SAR), with an estimated capital of US$23.784 million. The projects will create over 5,900 jobs. They will invest in manufacturing of sportswear, bags, garments, hats and fabric on a Cutting, Making, and Packing (CMP) basis and hotel business, 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, 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).
The DICA indicated that 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. The Myanmar Investment Commission and the respective investment committees have granted permits and endorsements to 905 foreign enterprises between 2016-2017 Fiscal Year and as of May-end in the 2019-2020FY, with estimated capitals of US$22.39 billion. Of 51 foreign countries, Singapore put the largest investments, followed by China and Thailand. MIC is prioritizing the labour-intensive businesses. In the incumbent government period, domestic and foreign projects employ over 500,000 residents, according to the DICA. (Translated by Ei Myat Mon)