Submitted by moiuser on 27 June 2021

THE secretary U Than Zaw Oo of  Sagaing  Region  Investment  Committee  (SRIC),  Sagaing  Region  State  Administration  Council  Chairman  U  Maung  Maung  Lin  and  the  members,  officials concerned from the related departments and the staff of Hephaestus International Co., Ltd discussed the footwear manufacturing  project  in  Sagaing  city  with  an  estimated  capital  of  US$1.5  million  at  the  SRIC  meeting  held  on  25  June  2021.  The project can create 478 jobs for local residents.

Additionally,  they  also  dis-cussed  the  investment  matters  and endorsements at the meeting.

U  Maung  Maung  Lin,  the  chairman  of  SRIC  and  Sagaing  Region  Administration  Council,  gave the remark that “the investment sector plays a pivotal role in the  country’s  economic  growth. We  are  welcome  the  domestic  and  foreign  investment  enterprises.  The council  is  focusing  on socioeconomic development, job opportunities and investment opportunities. We appreciate that Hephaestus  International  Co.,  Ltd  applied  for  endorsement  of  the  wholly  foreign-owned  footwear  enterprise  on  the  CMP  (Cutting-Making and Processing) basis. I liked to urge the SRIC to endorse the projects under Myanmar Investment Law”.  Afterwards,  the  chairman  made  further discussions on the proposed projects  and  fulfilled  the  needs  with other officials concerned.

The  SRIC  had  the  investment enterprises engaged in the water  park  and  garden,  cultivation and manufacturing of crops, crops  drying,  categorizing  and  rice  milling  and  processing  activities, manufacturing and marketing  of  concrete  pillar,  manufacturing  of  motorcycle  parts  and accessories, manufacturing of special bamboo furniture, hotel services, packing and wrapping equipment  supplier,  processing  and  packaging  of  sugar  cane  mud, private school, and poultry business.

According  to  the  Myanmar  Investment  Law,  the  Regions  and States Investment Committees are allowed to endorse the domestic and foreign proposals, where the initial investment does not exceed K6 billion, or $5 million aiming to simplify the verification process  of  investment  projects.

IPRD, KK/GNLM

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