Local Property News | Posted by Hnin Ei Khin
The Yangon Region Government has approved new foreign-owned garment businesses amid growing domestic shortages.
According to the Yangon Region Government, the garment and wool cloth manufacturing of Create Beauty ( Myanmar), Nay Shwe Lin, Tanbo HK, Myanmar Tencent Fashion and Maiyibei(Yangon) Garment Manufacturing were approved to operate.
In the meeting of the Yangon Region Investment Committee which was held on March 13, the Yangon region government has approved manufacturing and selling of motor vehicles, livestock support services, manufacturing various kinds of shoes, manufacturing and selling of steel parts and the manufacturing of electrical goods.
These businesses and foreign direct investment (CMP) garment and five wool cloth manufacturing industries accounted for $ 21.98 million and will provide jobs for over 7,000 workers, according to the Yangon region government.
Due to the global economic crisis caused by COVID-19, the government is easing procedures as the garment and other industries in Myanmar are facing a shortage.
Initially, raw materials import of much labour force needed garment industry and footwear factories will be allowed immediately, said U Khin Maung Lwin, Assistant Secretariat of Ministry of Commerce.
Written by iMyanmarHouse.com Team
Credit: iMyanmarHouse.com
