Myanmar Investment Commission (MIC) has given its approval to several foreign businesses to invest in the country’s garment manufacturing sector in recent months.
This month two companies, one from the UK and another from Hong Kong, have been given permission to bring in hundred-percent foreign investment for setting up their own business of cutting, making and packing (CMP) apparel in the country, according to Eleven Myanmar.
Last month, MIC had granted permission to China-based SDI Manufacturing to invest in garment business in Ngwe Pinlel Industrial Zone in Yangon.
MIC has also permitted a joint-venture of Singapore-based Slita Pte Ltd and Myanmar’s Lita Myanmar Company and Myint Myat Htut Khaung International to open CMP operations in Shwe Lin Pann Industrial Zone in Yangon.
China’s Jiangsu-based Solamoda Garments Group and Hong Kong-based AMG Factory are also among the companies that have got green signal for investing in Myanmar.
In addition, Thailand-based North Star Manufacturing Co Ltd would be setting up a joint venture CMP garment unit with a local partner in Hlaing Tharyar Industrial Zone, also in Yangon.
By end of August, China was the largest foreign investor in Myanmar, followed by Thailand and Hong Kong. However, major portions of foreign investments were not in the clothing sector, but were in other sectors such as oil and gas, mining and energy sectors.