YRIC endorses over $1.5 mln worth of one foreign project, two domestic projects

The Yangon Region Investment Committee (YRIC) endorsed one foreign enterprise and two domestic businesses in the manufacturing sector, with an estimated capital of US$1.5 million and K5.42 billion. Those enterprises are to create 372 jobs for the residents, as per the YRIC’s video conferencing convened on 12 October.
Yangon Region Chief Minister U Hla Soe, who also acts as chairman of YRIC, the committee members and the investors joined the video conferencing to ensure the foreign capital inflow during the COVID-19 pandemic.
Those enterprises will execute manufacturing of footwear on Cutting-Making and Packaging (CMP) basis, production of value-added rice and selling of rice and broken rice and production of various pulses on a CMP basis.
Furthermore, the committee members met with 14 companies to discuss the general matters regarding the manufacturing of decorations, packing and gift wrapping, pet accessories, footwear, bags, parcel box and paper, purified water, clothes and dried beef.
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. The investors can inquire about the investment and submit a proposal by dialing (01-658263, 01-658264) of YRIC located on Kaba Aye Pagoda Road, Yankin Township. The proposals worth more than K6 billion can contact the Myanmar Investment Commission located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated.
The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, containers box, and garments on a Cutting, Making, and Packing (CMP) basis.
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. — Soe Myint Aung/GNLM