Myanmar Investment Commission (MIC) has approved six foreign businesses, including the companies from China, India and Singapore, on December 4, to start their operation in the country.
The approved businesses consist of two garment factories, one shoe factory, one sporting accessories manufacturing company and two wood factories.
Chinese firm Kamcaine Manufacturing Ltd obtained approval to establish a wholly-owned garment factory at Shwe Pyi Thar Industrial Zone in Yangon Region. A joint-venture between a Chinese investor and the local company Rawhani Industrial Ltd was also approved to run a garment factory.
The Unity Sports Co Ltd from British Virgin Islands was allowed to set up a wholly-owned manufacturing factory that produces sporting accessories at Shwe Lin Pan Industrial Zone in Yangon Region.
Another company from British Virgin Islands called Licjin Industrial Co Ltd also got the approval to run a shoe factory at Shwe Lin Pan Industrial Zone under cutting, making and packing system.
A Singaporean and an Indian firm were given approvals for two finished wood factories under full percent foreign investment. One factory was allowed to set up at Sagaing Industrial Zone in Sagaing Region while another was approved at Industrial Zone (2) of Dagon Seikkan Township in Yangon Region.
In the appraisal process of investment applications, the MIC has recently required the companies to attach the remarks of regional governments in submitting the proposals of their investments.
Source: ELEVEN Myanmar