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Yangon Chief Urges Investors to Keep in Touch
Tin Maung : Speaking at a recent workshop on helping investors, the Chief Minister of Yangon urged local and foreign investors to keep in touch with the local government so that it can provide them with timely help and support.
“We are trying to build an economically developed city and so investors need to keep in touch with us, in person or online,” said U Phyo Min Thein at the workshop on January 17. “Only then can we know what they need, what problems they are facing and how we can help.”
Yangon is the recipient of the lion’s share of foreign direct investment into Myanmar. During the first quarter of the new fiscal year, it received 47 FDIs totaling $80.722 million and two local investments worth K2.045 billion, according to data from the Yangon Regional Investment Committee.
Major sources of foreign investment during the period included China, Hong Kong, Taiwan, British Virgin Islands, India and Europe. The bulk of the investments went to the industrial sector; other beneficiary sectors included garment, bag-making, hat-making, industrial tapes, plastics and packaging materials, sportswear manufacturing and screen printing.
Under the Myanmar Investment Law, regional and state investment committees can approve foreign investments worth up to $5 million while the Union-level body called the Myanmar Investment Commission is tasked with approving investment proposals exceeding $5 million.