Investment in Myanmar continue to grow despite COVID-19
News Type: Marketing News
Although garment and other factories have been hugely impacted by the COVID-19 pandemic, local and foreign investments are still flowing into the country, according to the Yangon Region Investment Committee.
The government approved two investments totaling US$2.65 million in shoemaking and garment manufacturing by China and Singapore at the end of October that are expected to provide 607 local jobs.
The government granted $1 million in incentives for $5 million in investments by Tong Da Garment Co, Kamara Manufacturing (Myanmar) Co, Westwood Myanmar Co Ltd, and Khanh Nhi Steel Manufacturing Co Ltd.
It also approved more than $40 million in investments in August and more than $507 million in September, according to the Yangon Region Directorate of Investment and Company Administration.
Investments in manufacturing, construction, hotels and tourism, and other sectors in September created about 15,900 jobs.