Wednesday, 28 May 2014

More foreign companies to invest in Myanmar

According to the Directorate of Investment and Company Administration (DICA), more foreign companies have been allowed to invest in Myanmar.

A meeting of the Myanmar Investment Commission has revealed that companies from China, Korea, Japan, Hong Kong and Malaysia have been permitted to operate businesses in Myanmar. 

The Japan-based Komatsu Manufacturing Co. Ltd., has a permit in manufacturing electronic generators and will establish their business in Pyigyidagun Township, Mandalay Region.
Korean and Chinese companies have been allowed to run garment factories in Intagaw Industry Zone, Bago Region. 

The Hong Kong based Golden Precise Embroidery & Garment Co. Ltd., specialises in lace-knitting and clothing and will open a factory in Shwelinpan Industry Zone in Hlaingthaya, Yangon Region.

Malaysian and Myanmar companies plan a joint venture in processing marine products on a piecework basis and will be set up in Innlaymyine Industry Zone, Myeik Township, Taninthayi Region. 

Another joint-venture business between Japanese and Myanmar companies has been given the green light to build a rice refinery, as well as grow rice and process seeds and other agricultural production. 

The company will operate in Thegon, Pyay District, Bago Region. In the first four months of 2014, over US$ 2.2 billion has been invested in Myanmar, most of it has gone into transportation and telecom sectors, according to DICA. 

US$427 million has been invested in commodity production, US$29 million in mining, US$57 million in hotels and tourism, US$1.3 billion in transportation and telecoms, US$268 million in housing, US$67 million in livestock and fishery, US$11 million in agriculture, and US$2.5 million in services industry.

source: Eleven Myanmar
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