November 16, 2017

13 more local, foreign firms get investment green light in June

High-rise buildings and tower cranes are seen from Hlinethayar Township, where a number of Yangon’s industrial zones are based.  Photo: Ye Myint
High-rise buildings and tower cranes are seen from Hlinethayar Township, where a number of Yangon’s industrial zones are based. Photo: Ye Myint

Yangon, 30 June — Thirteen domestic and overseas firms received the green light to do business in the country as joint venture, locally owned or wholly foreign enterprises in late June, the Myanmar Investment Commission said Tuesday.
Having already given the nod to 15 local and foreign companies earlier in the month, the number of firms granted approval by the MIC in June came to 28.
The newly approved businesses include wood finishing and timber processing, manufacturing of garments, paint, plastic products, sports equipment and building materials, as well as bus assembly and maintenance services.
Among the 13 enterprises approved at the commission’s meeting on 19 June, Saung Hnin Cherry Company Limited and Mother Trading Company Limited will set up facilities for wood finishing while Myanmar Brightex Veneer Company Limited will establish a timber-processing facility as a foreign-citizen investment.
In a sign of further expansion of the country’s garment industry, four firms—Musung Garment Company Limited, Myanmar Knitting Factory Limited, Smooth World International (Myanmar) Limited and Myanmar High Choice Company Limited will establish clothing manufacturing businesses in industrial zones in Yangon, Bago and Ayeyawady regions.
Statistics of the Directorate of Investment and Company Administration showed that Myanmar last fiscal year approved U.S. $8 billion worth of foreign investment from 38 countries and 211 companies. For the current financial year, the country expects to approve $6 billion worth of FDI. — GNLM

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