August 18, 2016

Newly approved businesses to spur job growth

Heavy machinery is operated along Hline riverside in Yangon. Photo: Ye Myint
Heavy machinery is operated along Hline riverside in Yangon. Photo: Ye Myint

The Myanmar Investment Commission said that it expects approximately 2,600 new jobs to be created by businesses approved in November.
Seven domestic and overseas firms have been given the green light to operate in Myanmar as either joint ventures, locally owned or wholly foreign owned enterprises this month, according to a recent statement issued by the commission.  The number of approvals in October was significantly higher, with a total of 23, however proceedings at the commission slowed down somewhat due to the general elections being held on 8 November. The companies given the green light last month will be involved in manufacturing clothing, as well as wood processing and hospitality.
The businesses approved in November will be engaged in manufacturing, construction and telecommunication services.
KBZ Gateway Co., Ltd was among the seven enterprises approved by the commission.  The company was granted permission to set up a telecommunications network services on a plot in Bago Region as a local investment.
However, any international gateway service is to be excluded from the services it will provide, said the commission.
In a sign of further investment in the country’s telecommunications sector, TPR Myanmar Limited has been permitted to operate as a wholly foreign-owned investment. It will be involved in the construction of telecom towers and the lease of same to telecom operators.
Among the other newly-permitted businesses are Leoplast Industry Limited, Myanmar Awba Group Co., Ltd, Myat Mi Ba Co., Ltd, Mora International Co., Ltd and Myanmar Rock Mountain Co., Ltd. The companies will establish facilities to manufacture plastic packaging containers, household goods, furniture, agro chemicals, washing powder, liquid soup, bleaching powder, laundry soap bars, synthetic wigs, and crushed stones production in Yangon and Taninthayi Regions. These firms will be running their businesses as either a joint venture or a wholly locally-owned company.


Related posts

Translate »