Yangon Regional Investment Committee approved 49 investments proposal of local and foreign in the first three months of 2020 fiscal year

The Yangon Regional Investment Committee approved 49 investment proposals during October 1 to December 18, 2019.  Two of the approved proposals, worth a combined K2.045 billion, are from local investors while the rest are for foreign direct investments worth $80.722 million in total.

The approved investments are expected to create 26,750 jobs for local people.

The majority of the investors behind these proposals are from mainland China and the rest are from Hong Kong, Taiwan, British Virgin Islands, India and Europe.

Their investments are destined for garment manufacturing, bag-making, hat-making, production tapes, plastics and packaging materials, sportswear manufacturing and screen printing, among other businesses.

During fiscal 2019, Yangon received 160 foreign investments worth $260.469 million and 21 local investments worth K2.965 billion.

Under the Myanmar Investment Law, states and regions have the authority to approve investments under $5 million; investments exceeding this amount need to be approved by the Myanmar Investment Commission.

(Myanmar Business Today: https://mmbiztoday.com/yangon-approves-49-investments-in-first-three-months-of-fiscal-2020/ )

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