Yangon Region Investment Committee approved six foreign businesses to invest more than US$9 million in the industrial sector

The Yangon Region Investment Committee has allowed six businesses from Singapore, China and Hong Kong

to invest more than US$9 million (12.3 billion kyat) in the industrial sector prior to October 11.

The committee held its meeting at the office of the Yangon Region government in Yangon on

October 11. Committee Chairman Chief Minister Phyo Min Thein attended the meeting and discussed

future actions that could speed up investments..

At the meeting, the committee also approved a joint-venture business in Yangon in accordance with the

Myanmar Investment Law. The business is expected to invest US$0.767 million with the prospect of creating 1,002 jobs.

Hsan Myint, deputy director general of the Directorate of Investment and Companies Administration,

said regional investment committees have started approving investment proposals for their regions and states.

“Not only the [Myanmar Investment] Commission, but also state and region investment committees, are issuing investment permits,” said Hsan Myint.

During this fiscal year (2017-2018), Kachin, Kayah, Chin and Rakhine states and Magway Region have not

Yet seen foreign investment. But they have received investments made by Myanmar citizens.

From April to September this year, foreign investments flowed into Yangon, Bago, Sagain, Mandalay,

Taninthayi and Ayeyawady regions, Shan, Mon, Rakhine and Kayin states and Nay Pyi Taw Council area.

(Eleven Media Group: http://www.elevenmyanmar.com/business/11990 )

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