MIC grants permission to new foreign-funded enterprises

Myanmar Investment Commission (MIC) has granted permission to various new foreign-funded enterprises, according to official reports.

During a meeting on Thursday, the MIC granted permission to foreign enterprises from China, Singapore, Hong Kong, British Virgin Islands and Australia to run businesses in various sectors.

The enterprises will be involved in garment, animal breeding and foodstuff manufacturing as well as foot wear and have been approved according to the Foreign Investment Law.

The garment enterprise will be carried out as a joint venture between Australia and Myanmar entrepreneurs in Hlaingthayar Township, Yangon.

A company from Hong Kong has also been granted permission to run a garment factory in the Shwe Than Lwin industrial zone in Hlaingthayar Township.

The Chinese Yi Mei foot wear factory will be operational soon and a firm from the British Virgin Islands will open a tailoring business for women’s clothes.

A Singaporean firm will operate animal breeding and animal foodstuff industry in joint venture with a local company in Hmawbe Township in Yangon Region.

Source: ELEVEN Myanmar

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