4 years ago

Myanmar regional govt invites investment in SMEs

Tourists browse at shops in Bogyoke Market in Yangon. (The Myanmar Times Photo)
Tourists browse at shops in Bogyoke Market in Yangon. (The Myanmar Times Photo)

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Yangon, the largest city in Myanmar, regional government has invited local and foreign investors to help develop small and medium enterprises (SMEs) in addition to value-added agro-industry and businesses.

Speaking at the Yangon Region Forum-2019 which kicked off on Friday, Yangon Region Chief Minister U Phyo Min Thein said this, , reports Xinhua.

He said the investment in SMEs will bring about technology transfer and benefit the local manufacturing industry.

"Priority will be given to investments which ensure the rapid development of the economic infrastructure, services industry, industrial cities, special economic development syndicates, vocational training schools and create more job opportunities," he said.

With stable economic policies, Yangon region has a number of profitable investment opportunities, he said, adding that the region is not only the country's economic hub but also attracts a major portion of international investments.

According to official figures, since fiscal year 2011-12, over 22 billion US dollars in foreign direct investment has flowed into the Yangon region, taking up over 50 per cent of the total investment in Myanmar, while as of March 2018-19, domestic investments in the region exceeded 8.5 billion kyats ($5.6 million).

The 2014 census also indicated that Yangon has a population of 7.4 million with 63 per cent of the regional population employed in the labour force.

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