YRIC clears 18 foreign, two domestic proposals; to create over 10,000 jobs

LOCAL NEWS

The Yangon Region Investment Committee, at a meeting held on 22 January, has given the green light to 18 foreign projects, with an estimated capital of US$39.708 million. It has also endorsed two domestic projects worth K4.27 billion.
The projects will create over 10,600 jobs, according to the committee.
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.
Since its establishment, the YRIC has approved more than 230 domestic and foreign projects in the sectors of manufacturing, hotel services, and other services from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands, and Seychelles.
According to statistics released by the Directorate of Investment and Company Administration, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states get only a small share of investments.
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.—GNLM (Translated by Ei Myat Mon)

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