While the COVID-19 pandemic is taking a toll on nearly every other economic sector, the local medical supply industry may soon see a boost. State media reported that the Myanmar Investment Commission (MIC) has approved new investments in manufacturers of masks, pharmaceuticals and other medical supplies needed to battle the growing outbreak.
An MIC spokesperson said it would still accept investment proposals in other industries, but it would fast-track the applications of manufactures of critical medical supplies. Surgical style masks, in particular, have begun rolling out of domestic factories. Indeed, at least two entrepreneurs have begun importing materials and equipment to make masks at garment factories in Yangon’s Shwelinpan Industrial Zone, according to the Irrawaddy. The prices of hand sanitizer, disinfectant wipes and even common medicines and vitamin supplements have soared, as in many other countries.
The new MIC focus may boost Myanmar’s manufacturing sector in general. Manufacturing represents roughly 20 percent of total foreign direct investment. Specifically, the MIC has approved USD 475.3 million of foreign manufacturing enterprises. The majority of these projects have been in the garment sector, but the pandemic could carve a large, and possibly permanent, market space for medical supply manufacturing.
