In recent months, Myanmar Investment Commission (MIC) has given approval to several foreign businesses to invest in the country’s garment manufacturing sector.Sources reveal two companies, one from the UK and another from Hong Kong, have been given permission to bring in 100 per cent foreign investment for setting up their own business of cutting, making and packing (CMP) apparel in the country recently.
China’s Jiangsu-based Solamoda Garments Group and Hong Kong-based AMG Factory are also among the companies that have got a green signal for investing in Myanmar. In addition, Thailand-based North Star Manufacturing would be setting up a joint venture CMP garment unit with a local partner in Hlaing Tharyar Industrial Zone, also in Yangon.
Singapore-based power companies, UPP Holdings and UPP Greentech, were given approval for producing and selling electricity as wholly-owned businesses at Ywama power station in Yangon Region. Last month, MIC had granted permission to China-based SDI Manufacturing to invest in garment business in Ngwe Pinlel Industrial Zone in Yangon.
The total amount of foreign investment in Myanmar reached over $43 billion at the end of August, with China being the largest investor followed by Thailand and Hong Kong.