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YRIC Permits 11 Foreign, Domestic Projects; to Create over 5,600 Jobs

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YRIC Permits 11 Foreign, Domestic Projects; to Create over 5,600 Jobs

The Global New Light of Myanmar, 30 May 2019

URL: http://www.globalnewlightofmyanmar.com/yric-permits-11-foreign-domestic-projects-to-create-over-5600-jobs/
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.

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.

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.