YRIC endorses 12 projects worth K880 mln, $22.35 mln in manufacturing sector

Yangon Region Investment Committee has approved 11 foreign projects and one domestic enterprise on 30 October.  Photo: Supplied

The Yangon Region Investment Committee gave the green light to 11 foreign projects from China, Hong Kong, China (Taipei), the British Virgin Islands, and the UK, and one domestic enterprise at a meeting held on 30 October.
The projects have an estimated capital of US$22.35 million and K880 million.
The enterprises will be engaged in the manufacturing sector and are expected to create over 6,000 jobs, according to a press release issued by the YRIC.
The manufacturing sector attracted the most foreign investments in Yangon Region, for enterprises engaged in the manufacturing of pharmaceuticals, vehicles, container boxes, and Cutting, Making, and Packing (CMP) garments.
Since its establishment, the YRIC has approved more than 200 domestic and foreign projects in the sectors of manufacturing, hotel services, and other services from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands, and Seychelles.
Among the regions and states, Yangon Region absorbs 60 per cent of investments, while Mandalay attracts 30 per cent. The other regions and states get only a small share of investments, according to statistics released by the Directorate of Investment and Company Administration.
To simplify the verification process of investment projects, the Myanmar Investment Law allows the Region and State Investment Committees to grant permissions to local and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million.

By yein Nyein(Translated by Ei Myat Mon)

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