July 05, 2017

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MIC approves 5 new firms, expects 1,600 new jobs

A small container yard by the Hlaing River in Hlaingthaya Township,which houses a number of industrial zones that are generating employment opportunities.  Photo: Ye Myint
A small container yard by the Hlaing River in Hlaingthaya Township,which houses a number of industrial zones that are generating employment opportunities. Photo: Ye Myint

THE Myanmar Investment Commission has given the green light to five local and foreign firms to begin operations in Myanmar, expecting approximately 1,642 new jobs to be created by the businesses approved in the second week of December.
The commission is encouraging newly-approved domestic and overseas enterprises to spur job growth in the country.
The firms approved this month will be involved in agricultural and marine food production and in the processing, manufacturing and marketing of fertiliser and industrial displays, said the commission.
Myanmar Agri Food Co. Ltd, one of the five companies, focuses on frozen food processing,   production and marketing. The company was granted permission to set up a plant on a plot in Pyinmana Township, Nay Pyi Taw, as a joint-venture investment.
In a sign of further investment in the country’s livestock and fisheries sector, Texchem Marine Labutta Ltd has also been granted permission to operate as a joint venture. It will be engaged in the processing and marketing of marine products such as soft-shell crabs, prawns and clams with the establishment of its facility in Labutta Township, Ayeyawady Divisional Region.
Other newly-permitted firms include Capital Development Ltd, Kenstar Display Co. Ltd and Myanmar Awba Group Co. Ltd.
The companies will build facilities to manufacture and distribute industrial displays and fertiliser in Bago and Mandalay regions. The industrial display manufacturers and fertiliser producers will be running their businesses either as wholly foreign-owned or locally-owned companies.
Twelve local and foreign businesses were approved by the MIC in November,the same month as Myanmar’s general election. The MIC expects the newly permitted firms to create 6,175 new jobs.

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