NEARLY 80 FOREIGN ENTERPRISES PERMITTED TO RUN IN MYANMAR’S YANGON

YANGON, Myanmar A total of 79 foreign enterprises from 11 countries have been permitted by the Yangon Region Investment Committee (YRIC) so far to run in Yangon, the official Global New Light of Myanmar reported Friday.

The 112.65-million-U.S. dollar investment from the enterprises entered the sector of manufacturing pharmaceuticals, vehicles, container boxes and garments on Cutting, Making and Packing (CMP) basis in Yangon region.

China, Singapore, Japan, South Korea and Vietnam are the main investors in the region.

The Yangon region attracts 60 percent of both local and foreign investments, followed by Mandalay with 30 percent and the rest flowing into other regions and states.

The new Myanmar investment law which started to enforce on Aug. 1 allows foreign investors to take up 35 percent in local companies.

Under the new law, investment with capital not exceeding 5 million U.S. dollars can be permitted by regional and states authorities of the Directorate of Investment and Company Administration (DICA).

Source: NAM News Network