Myanmar approves new foreign investments in manufacturing sector

The Myanmar Investment Commission (MIC) approved new investments from six countries in the manufacturing sector between September 1 and 20, according to MIC reports.

Businesses from Japan, Thailand, Singapore, Hong Kong, South Korea and the United Kingdom won the MIC’s approval to set up garment factories, automobile assembly plants, and manufacturing for construction materials.

The MIC allowed garment businesses from Thailand, Hong Kong and the UK to operate factories under the cutting, making, and packing (CMP) system at the Hlaing Thayar Industrial Zone in Yangon.

Japan’s JFE Engineering Corporation is set to join hands with the Ministry of Construction in manufacturing steel products related to construction materials in Tharkayta Township, Yangon.

Another Japanese firm, ASMO Company, a subsidiary of the DENSO Group, was allowed to set up an automobile assembly plant at the Shwelinban Industrial Zone in Hlaing Thayar Township, Yangon.

Thailand-based companies TOA Paint and Mantakanok will work with a local partner to manufacture paints in Myanmar, and another Thai firm is set to make plastic bags at the Dagon Seikkan Industrial Zone in Yangon Region.

Singapore-based UPP ngs is set to generate electricity at Ywama Electricity Station in Yangon, while a South Korean firm has already won approval to manufacture and sell animal food in Bago Region.

Source: ELEVEN Media

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