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April 02, 2020

Domestic, foreign enterprises permitted in current FY create over 100,000 jobs

By Nyein Nyein

The domestic and foreign enterprises permitted and endorsed by the Myanmar Investment Commission (MIC) and other region and state investment committees created over 100,000 jobs in the first four months of the 2019-2020 financial year, according to the Directorate of Investment and Company Administration (DICA).
During the October-January period, 100 foreign enterprises were issued permits and endorsements, creating about 80,000 jobs for locals. The existing foreign investment projects also recruited more than 12,000 new local employees, as per data from the DICA.
Additionally, 39 domestic enterprises created 5,000 jobs for local people in the current FY. Also, more than 1,800 people were recruited by existing domestic enterprises.
The existing domestic and foreign businesses employed more than 2,600 expatriate workers.
Between 1 October 2019 and 24 January 2020, FDI of US$2.08 billion flowed into the country, including expansion of capital by existing enterprises. With the inclusion of $76.14 million in investments in the special economic zone, the FDI totaled $2.156 billion.
Domestic investments by Myanmar citizens, including expansion of capital by existing enterprises, reached K748.3 billion including $134.469 million as of 24 January in the current financial year, according to a press release issued by the MIC.
During the period, 39 local enterprises were allowed to invest in various sectors, with an estimated capital of over K647.68 billion including $113.545 million. (Translated by Ei Myat Mon)

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