YRIC nods seven domestic, foreign enterprises in Nov

The Yangon Region Investment Committee (YRIC) endorsed one domestic and six foreign enterprises in the manufacturing sector, with an estimated capital of over K1.633 billion and US$7.148 million at a meeting 11/2022 held on 26 November at the YRIC office in Yankin Township.
Those seven projects will execute the manufacturing of footwear products and clothes on a Cutting, Making, and Packing (CMP) basis, the manufacturing of building materials and the manufacturing of structural metal products such as steel structure and colour steel tile. They will create 2,885 jobs for residents.
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 $1.45 billion from 52 enterprises during the April-October period. 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 seven months. Hong Kong SAR stood as the second largest investor this FY with an estimated capital of over $163 million by 11 enterprises and the existing ones. China is ranked third in the investment line-up with more than $90 million from 22 businesses and the existing ones.
One enterprise each from Belize, China Taipei, the Republic of Korea and Japan also made investments in the past seven months respectively. The existing enterprises from China Taipei, China, Hong Kong SAR, the Republic of Korea, India, Bangladesh and Seychelles also increased their investments.— TWA/KK/GNLM