YRIC endorses $4.92 mln worth 4 proposals in Q1 creating over 2,000 jobs

(FILES) Women work on the production line of a garment factory in Hlinethaya Township, Yangon Region, before the coronavirus outbreak in Myanmar. Photo: Phoe Khwar

The Yangon Region Investment Committee (YRIC) has endorsed four foreign enterprises from China, Singapore, and Hong Kong SAR in the manufacturing sector, with an estimated capital of US$4.92 million, in the first quarter (Oct-Dec) of the current financial year 2020-2021.
Those enterprises are to create over 2,000 jobs. They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, YRIC stated.
Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region stood at first place with 137 foreign enterprises (with a capital of $308.768 million), followed by Bago Region with 18 foreign projects ($72.645 million) at the second place and Ayeyawady, with nine at the third place ($19.614 million).
Additionally, foreign direct investments also flow into Taninthayi Region from two projects worth $1.397 million, Magway Region from two worth $0.991 million, Mon State from two worth $1.664 million, Mandalay Region from one business valued $4.6 million, Sagaing Region from one worth $3 million, Kachin State from one worth $1 million, Shan State from one worth $4.13 million and Nay Pyi Taw Council from one valued $5.862 million.
In the last FY, the respective investment committees of Kayah, Kayin, Rakhine and Chin states did not endorse foreign enterprise at all, the DICA stated.
The region and state investment committees endorsed 175 foreign enterprises with an estimated $423.671-million capital in the last FY.
The endorsed enterprises are to be engaged in the manufacturing, hotel and tourism, other services, power and agricultural sector.
The majority of the investment goes into the manufacturing sector, followed by other services, hotels, and tourism sectors.
The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in 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 arrive 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 if the initial investment does not exceed K6 billion, or $5 million.

- GNLM (Translated by Ei Myat Mon)

 

News Source : THE GLOBAL NEW LIGHT OF MYANMAR