New investments in April create over 9,400 job opportunities: MIC
New investments in April create over 9,400 job opportunities: MIC
The Global New Light of Myanmar, 09 Apr 2017
URL: https://issuu.com/myanmarnewspaper/docs/9_april_17_gnlm
THE Myanmar Investment Commission granted permission to 17 local and foreign enterprises this month to operate business in the country, creating over 9,400 employment opportunities for locals, according to the MIC.
This is the first time the MIC permitted investments for the current financial year.
The MIC gave the green light to 17 businesses including 11 wholly foreign-owned enterprises from China, Hong Kong and Macao, two citizen-owned firms and three joint ventures plus one foreign investment, according to its meeting held on 6 April.
The majority of new investments went to the country’s garment industry to manufacture of garment and related accessories on CMP basis.
The types of new investment businesses also include manufacturing and sales of plastics recycling products; spraying collodion, polyester, imitation silk polyester, eiderdown and related products, construction of office tower, leasing and management of office space; manufacturing and marketing of instant noodles; production and distribution of sales of day old chicks; construction of cinemas and operation of movie show, and a private school.
Those businesses will operate in Yangon’s industrial zones in Shwepyitha, Hmawby, Hlaingthaya, Shwepaukkan, and Dagon Myothit industrial zones as well as Mandalay and Ayeyawady regions.
According to the MIC, foreign investment into the country in 2016-2017 FY reached more than US$6.8 billion. The figure is $800 million more than the expectation of investment authority.
This is the first time the MIC permitted investments for the current financial year.
The MIC gave the green light to 17 businesses including 11 wholly foreign-owned enterprises from China, Hong Kong and Macao, two citizen-owned firms and three joint ventures plus one foreign investment, according to its meeting held on 6 April.
The majority of new investments went to the country’s garment industry to manufacture of garment and related accessories on CMP basis.
The types of new investment businesses also include manufacturing and sales of plastics recycling products; spraying collodion, polyester, imitation silk polyester, eiderdown and related products, construction of office tower, leasing and management of office space; manufacturing and marketing of instant noodles; production and distribution of sales of day old chicks; construction of cinemas and operation of movie show, and a private school.
Those businesses will operate in Yangon’s industrial zones in Shwepyitha, Hmawby, Hlaingthaya, Shwepaukkan, and Dagon Myothit industrial zones as well as Mandalay and Ayeyawady regions.
According to the MIC, foreign investment into the country in 2016-2017 FY reached more than US$6.8 billion. The figure is $800 million more than the expectation of investment authority.