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China, South Korea, Vietnam have invested in the production and distribution projects of steel, aluminum and other building materials in Myanmar

Time : 2021-04-26 Hits : 9

Yangon Provincial Investment Committee was informed that China, South Korea, Vietnam have invested in the production and distribution of steel, aluminum and other building materials in Yangon Province, as well as the CMP system to operate clothing industry projects. On October 14, the (16 / 2020) meeting of Yangon Provincial Investment Committee held by video conference approved the above projects. The Committee approved industrial investment projects from Vietnam, South Korea and China, with a total financing of US $6.904 million, which will create 2279 local jobs. According to Wu Dan Xin Lun, director of the investment and company administration of Burma, according to the investment promotion plan of Burma, the target of attracting foreign investment in fiscal year 2021-2022 is US $8 billion 500 million. However, the new plan is not able to complete the outbreak because it will not be completed, and the plan will be readjusted. Because of the traffic restriction of the new crown pneumonia, the investment of enterprises is restricted by traffic. Therefore, the financial year of will be limited. Myanmar's foreign investment failed to meet the planned target; in the fiscal year of 2019-2020, Myanmar's foreign investment target was US $5.8 billion, but only reached US $5.68 billion; in the fiscal year of 2018-2019, Myanmar's total foreign investment was US $4.52 billion.