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June 03, 2020

YRIC permits 11 foreign, domestic projects; to create over 5,600 jobs

Yangon Region Chief Minister U Phyo Min Thein. Photo: Supplied

The Yangon Region Investment Committee gave the green light to eight foreign and three domestic projects with an estimated capital of US$15.8 million and K6.2 billion, respectively, at a meeting held yesterday.
The projects are expected to create 5,630 jobs, according to a press release issued by the YRIC.
Since its establishment, the YRIC has approved a total of 204 domestic and foreign projects in the sectors of manufacturing, hotel services, and other services from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, British Virgin Islands, and Seychelles.
During the 2017-2018 (August-March) fiscal year, the YRIC permitted 39 foreign and 9 domestic projects to invest in Yangon Region, with a capital of $56.6 million and K23 billion, creating 22,481 jobs.
From April to September, 2018, the YRIC permitted 44 projects, including 34 foreign and 10 domestic enterprises, with a total pledged amount of $72.5 million and K21.26 billion. A total of 21,173 jobs were created through those permitted enterprises.
Between 1 October and 29 May in the current fiscal year, the YRIC endorsed 97 foreign and 15 domestic projects, with a capital of $170 million and K29.95 billion, creating over 59,720 jobs.
The manufacturing sector attracted the most foreign investments in Yangon Region, from enterprises engaged in the manufacturing of pharmaceuticals, vehicles, container boxes, and Cutting, Making, and Packing (CMP) garments.
Among the regions and states, Yangon Region absorbs 60 per cent of investments, while Mandalay attracts 30 per cent. The other regions and states got only a small share of investments, according to statistics released by the Directorate of Investment and Company Administration.
The region and state investment committees are allowed to grant investment proposals worth up to $5 million (K6 billion).

By Nyein Nyein(Translated by Ei Myat Mon)

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