An overview of downtown Yangon from Sule. Photo: Aung Htay Hlaing/The Myanmar Times

The coronavirus pandemic does not appear to have diminished investor interest in Yangon, a senior regional official says.

U Myo Khaing, secretary of Yangon Region Investment Committee said that since the coronavirus that causes COVID-19 was first detected in Myanmar in Mach, four businesses were given approval to invest some US$8 million in Yangon.

“Workshops and factories in the region are now operating as normal and have not been severely affected by the out said U Myo Khaing.

Three companies from China and Hong Kong and one local company were given approval for their investments in Yangon during a video conference held on June, he said, adding that the investments are expected to create 656 new jobs.

Garment and footwear manufactures are the largest investors in Yangon Region. 

U Myo Khaing said the new investors are expected to take between six months and a year to have their operations running.

The Yangon Region Investment Committee holds meetings twice a month to decide on investments of up to US$5 million or K6 billion. - Translated

 

News Source : Myanmar Times