YRIC clears two projects creating over 2,900 expected jobs


The Yangon Region Investment Committee, at a video conference held on 27 May, has approved one foreign project from China, with an estimated capital of US$4.8 million and one domestic project worth K1.6 billion.
The projects will create 2,996 jobs. They will invest in the manufacturing sector on the CMP basis, and production and distribution of cookie, biscuit and cracker, 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.
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 (DICA), 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 EMM)

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