Yangon Regional Investment Committee approved 181 investment proposals in 2019 fiscal year

The Yangon Regional Investment Committee approved 160 foreign investment proposals with a value of over $260 million, and 21 local

investment proposals with a total value of approximately K2.96 billion for the 2019 Fiscal Year, which ended on September 30, 2019.

“Most of the foreign investments went into the garment sector and manufacturing sector.

Investing in such industries creates a lot of jobs. A garment factory, for example, creates 200-1,000 jobs for local people,”

said U Myint Thaung, Regional Minister for the Ministry of Planning and Finance, at a press briefing of the Yangon Regional Investment Committee.

The approved investments were to manufacture garments, bags, hats, tape, plastics, packing materials, sports products, and other items.

Most of the investors are from China, Hong Kong, Korea, Japan, and Taiwan. China is the leading foreign investor in Yangon Region.

“While approving investment, we are examining the factory to make sure that the environOnement is fully protected against potential waste and pollution from the factory,” said U Phyo Min Thein, Chief Minister of Yangon.

Regional and State Invest­ment Committees have the power to approve investment proposals that are less than $5 million. Anything over $5 mil­lion need the approval from Myanmar Investment Commis­sion (MIC).

The oil and gas sector received up to 27.59 percent of the to­tal foreign investments in the country, while investments in the electricity sector accounted for 26.07 percent, and the man­ufacturing sector received 13.94percent of total FDI.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/yangon-approves-181-investment-proposals-fy-2019 )

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