YRIC greenlights four foreign, one domestic projects creating over 1,900 jobs

NATIONAL NEWS

The Yangon Region Investment Committee, at a video conference held on 29 April, has approved four foreign projects, with an estimated capital of US$5.821 million. It has also endorsed one domestic project worth K1.255 billion.
The projects will create over 1,900 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.
The investments in the regions are also flowing into the hotel services, and other services sectors. 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 are arriving in the region.
According to the recently-released DICA statistics, Yangon Region absorbs 60 per cent of all investments in Myanmar, Mandalay attracts 30 per cent, while the other regions and states receive 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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