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July 03, 2020

BRIC endorses 3 foreign enterprises creating over 1,200 jobs

The Bago Region Investment Committee (BRIC), at a videoconference held on 24 June, has endorsed three foreign projects and approved one foreign enterprise to increase capital. The investments of those projects including the expansion of capital by one existing enterprise are estimated at US$13.325 million. The projects will create over 1,200 jobs. They will invest in manufacturing of various kinds of the garment; weaving and dyeing; and non-sterilized disposable surgical scrubs and related clinical wears on CMP basis, and service for construction and leasing factories and office building, according to the Directorate of Investment and Company Administration (DICA). The investments in the Bago region primarily flow into the manufacturing business. Over 80 foreign businesses are being executed in the Bago Region, according to Bago Region Investment Committee. According to 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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