Magwe on track to see more investments this year

Magwe Region received K1.5 billion (US$966,000) in investments between last October and April this year, says Regional Minister for Planning and Development U Zaw Min.

The investments, all from local businesses, created 134 local jobs between October 2018 and April 2019.

In the 2017-2018 fiscal year, the region received six domestic investments totalling K1.57 billion and one foreign investment of US$800,000, creating 277 jobs in the process. For the period from April to September 2018, foreign investments totalled US$2.39 million while domestic investments totalled K2.8 billion.

“Last year, Magwe ranked fifth among regions and states in terms of investments received,” said U Zaw Min.

The investments were in industry, livestock, agriculture and other businesses, with the priority being on agriculture and livestock, he said.

Since 1988, Magway Region has 26 investments totalling US$28 million and K68.56 billion.

After the NLD Government took the office, the Myanmar Investment Law was enacted in 2016 and under to the law, investment committees were established in all regions and states and given the authority to approve certain investments.

This has helped channel needed funds to the areas outside of Yangon.

Source: Myanmar Times

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