YRIC green-lights one domestic business, one foreign enterprise on 14 Dec

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YRIC manages approval for investments in projects in Yangon Region with attraction of local and foreign investments.

The Yangon Region Investment Committee (YRIC) endorsed one domestic project and one foreign enterprise in the manufacturing sector, with an estimated capital of over K4.08 billion and US$0.50 million at a meeting 12/2022 held on 14 December at the YRIC office in Yankin Township.
Those two businesses are expected to create 295 jobs.
Moreover, the meeting discussed the general issues of 16 companies and gave the go-ahead for capital expansion of $2.483 million by four companies.
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.
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.
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.
Myanmar attracted foreign direct investments of $1.459 billion from 58 enterprises during the April-November period of the current financial year 2022-2023. Singapore is the top source of FDI in Myanmar so far. Fourteen Singapore-listed enterprises pumped in foreign investments of $1.154 billion into Myanmar in the past eight months. Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $164.9 million by 12 enterprises and the existing ones. China is ranked third in the investment line-up with more than $94 million from 26 businesses and the existing ones, according to the Directorate of Investment and Company Administration.
Two enterprises from the Republic of Korea also pumped $5.4 million into Myanmar, with the existing ones. One enterprise each from Belize, China Taipei, the UK and Japan also made investments in the past eight months respectively. The existing enterprises from India, Bangladesh, Thailand, Switzerland and Seychelles also increased their investments. – KK

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