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August 13, 2020

Bago Region Investment Committee endorses 3 foreign enterprises creating 1,000 new jobs

The Bago Region Investment Committee, at a videoconference held on 29 July, has endorsed three foreign projects and approved five foreign enterprises to increase capital, according to the Directorate of Investment and Company Administration (DICA). The investments of those projects including the expansion of capital by the existing enterprises are estimated at US$8.119 million and K680 million. The projects will create about 1,000 jobs. The investments in the Bago region primarily flow into the manufacturing business.
Nearly 90 foreign businesses are being executed in the Bago Region, according to Bago Region Investment Committee. According to the 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 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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