May 17, 2013

Korean firm, military-owned conglomerate joins partnership for garment business

Korean firm Inno Company and the military-owned Union of Myanmar Economic Holding Ltd (UMEHL) have formed a joint venture to run a garment factory in Mingalardon township, Yangon, according to the Ministry of National Planning and Economic Development.

The joint venture named Myanmar Inno International Ltd will operate the garment factory with cutting, making and packing system in Pyinmabin Industrial Zone.

Myanmar Investment Commission approved the business under the foreign investment law on May 10. In fact, this is the third business the commission has approved for UMEHL this year.

The military-owned conglomerate UMEHL obtained approvals for an automobile assembly in Bago region and a cement factory in Kyaukse Township, Mandalay region under Myanmar citizenship investment law earlier this year.

Source: Eleven Weekly Media