January 14,2022
YANGON Region Investment Committee (YRIC) endorsed eight foreign enterprises and two domestic projects made by Myanmar citizens in the man¬ufacturing sector, with an esti¬mated capital of US$15 million and K2.39 billion, according to the YRIC’s videoconferencing convened at the YRIC office on 12 January.
Those businesses will execute production of bridal gowns on the Cutting-Making and Packing basis, produc¬tion of cotton, mattress and Pu Foam, Virgin Remy Dou¬ble Drawn Hairs and Wigs production, manufacturing of apparel, electronic appliances production and production of candy. The estimated capital to be brought in the country are $15.518 million and K2.394 billion and they are expected to create 7,334 local job opportuni¬ties. Moreover, they discussed the general issues of the other 18 companies.
To simplify the verifica¬tion of investment projects, the Myanmar Investment Law allows the region and state In¬vestment Committees to grant permissions for local and for¬eign proposals, where the initial investment does not exceed K6 billion, or $5 million. The in¬vestors can inquire about the investment and submit a pro¬posal by dialling (01-658263, 01- 658264) of YRIC located on Ka¬bar Aye Pagoda Road, Yankin Township. The proposals worth above K6 billion can contact the Myanmar Investment Commis¬sion located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated.
The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceu¬ticals, vehicles, container box¬es, and garments on a Cutting, Making, and Packing (CMP) basis.
To date, foreign invest¬ments from China, Singapore, Japan, Hong Kong, the Repub¬lic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Sey¬chelles are arriving in the re¬gion. – Ko Naing (Bago)/GNLM
